Sheetal Universal stock made a decent debut, listing at 7 percent premium over the IPO price on December 11. The stock opened at Rs 75 against the issue price of Rs 70 on the NSE SME platform.
Ahead of the listing, Sheetal Universal shares were trading at an 11 percent premium in the grey market, which is an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price.
Also Read: Inox India sets IPO price band at Rs 627-660, aims to raise Rs 1,459 crore from OFS
The issue received a good response from investors The offer was subscribed 179 times and the retail portion was booked 129 times the allotted quota. Promoters of the company are Hiren Vallabhbhai Patel and Kajal Hiren Patel.
Sheetal Universals’ public offer opened for subscription on December 4 and closed on December 6. The price for the issue was fixed at Rs 70 per share. Through the IPO, the company raised Rs 23.8 crore. The offer was entirely a fresh issue of 34 lakh shares.
The company will use the net proceeds to fund capital expenditure, working capital requirements and general corporate purposes. Beeline Capital Advisors was the book-running lead manager, Bigshare Services was the registrar and Spread X Securities was the market-maker for the issue.
Also Read: Primary Market: 7 IPOs hitting Dalal Street with 2 listings this week
Sheetal Universal is engaged in the business of sourcing, processing, and supplying agricultural commodities like peanuts, sesame seeds, spice, and grains to cater to the manufacturers of peanut butter, biscuits, cakes, chocolate, and food products. The company owns a manufacturing and processing unit in Jamnagar, Gujrat.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
