Siyaram Recycling Industries Ltd shares opened 19.5 percent higher after its initial public offering subscribed over 385 times last week.
The stock opened at Rs 55 a share from its issue price of Rs 46 a share. At 10am, the stock was trading at Rs 57.75 on BSE, up 25.5 percent from its issue price.
The SME IPO, open from December 14 to 18, saw overwhelming subscription levels: 459 times in the retail category, 96 times in QIb, and 597 times in NII.
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Offering around Rs 23 crore through 4.99 crore shares, it was a pure fresh issue. The company plans to use the net proceeds to repay Rs 18 crore debt.
Founded in 2007, Siyaram Recycling Industries specializes in brass scrap separation, manufacturing brass products like ingots, billets, rods, and sanitary installation parts. They operate in three Jamnagar plants, each dedicated to specific production: Unit I for billets, ingots, and plumbing parts (4970 sqm), Unit II for sanitary parts (3629 sqm), and Unit III mainly for scrap separation (3346 sqm, with a 366 sqm scrap separation area).
The firm reported a revenue of Rs 497.86 crore in FY23 against Rs 426.44 crore a year ago. Net profit for the year stood at Rs 7.65 crore versus Rs 3.22 crore last year. As of September 2023, its total debt stood at Rs 62.23 crore.
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