The shares of Shri Hare-Krishna Sponge Iron listed at Rs 64.80 apiece on the NSE Emerge platform on July 1. This marks a premium of nearly 10 percent over the SME IPO price of Rs 59 apiece.
The company had launched its maiden public issue to raise Rs 29.91 crore through an entirely issue of fresh equity shares. The price band for the IPO was set at Rs 56-59 apiece, and the issue was open for public bidding from June 24 to June 26.
Investors could bid for a minimum of 2,000 shares, requiring an investment of Rs 1.18 lakh, and in multiples thereafter. The SME IPO saw strong investor interest, being subscribed 6.43 times within its three days of public bidding.
Incorporated in 2003, the sponge iron manufacturer caters to the metallic requirements of steel producers in selected geographies through its manufacturing facility in Chhattisgarh. It proposed to utilise offer proceeds majorly for setting up of captive power plant at Siltara – Raipur at a cost of Rs 23 crore.
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