Shares of Shree Marutinandan Tubes Ltd listed at a 46 percent premium after the company's public issue was subscribed over 47 times last week.
The stock opened at Rs 200 a share on the BSE SME platform from its issue price of Rs 143 a share. At 10.05am, the stock was trading at Rs 210 on the BSE SME, up 46.85 percent from its issue price.
Shree Marutinandan Tubes' Rs 14.30-crore IPO, consisting solely of fresh shares, had opened for bids on January 12 and closed on January 16.
Established in 2013, the company manufactures galvanised tubes, ERW MS tubes (15NB to 1000 NB), and black tubes for diverse sectors like agriculture, oil, solar energy, healthcare, housing, irrigation, and engineering.
For the period ending September 2023, the company reported a revenue of Rs 42.77 crore and a net profit of Rs 1.42 crore. In 2022, official documents reveal a revenue of Rs 47 crore and a profit of Rs 2 crore.
The IPO proceeds will address the working capital needs, cover public issue expenses, and serve general corporate purposes.
Promoters include Vikram Shivratan Sharma, Bharat Shivratan Sharma, and Kusumlata Shivratan Sharma. Swastika Investmart Ltd led the IPO, and Bigshare Services Pvt Ltd acted as the registrar. Swastika Investmart is the market maker for Shree Marutinandan Tubes IPO.
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