City Crops Agro SME IPO: Stock makes a muted debut

City Crops Agro IPO issue price was set at Rs 25 per equity share at a face value of Rs 10 per share and a lot size of 6,000 equity shares.

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City Crops Agro Limited shares listed at Rs 25.40 on the BSE SME platform on October 10, on par with the issue price of Rs 25 per share.  The initial public offering of City Crops Agro was subscribed 3.47 times. At 10:30 am, the shares were trading at Rs 25.60, around 2 percent more than the issue price.

City Crops Agro Limited shares listed at Rs 25.40 on the BSE SME platform on October 10 against the the issue price of Rs 25 a share.

City Crops Agro Limited, previously Bhagya Agro-Care Private Limited, is in the business of agro products including seeds, rice, wheat, onions, potato and pulses.

At 10.30 am, the share was trading at Rs 25.60, around 2 percent above the issue price.

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The Ahmedabad-based company recorded a revenue of Rs 24.62 crore in FY2023, up from Rs 17.75 crore in FY2022. Net Profit was at Rs 1.17 crore against Rs 0.48 crore in the previous year.

The company has around 47.31 acres of land for agricultural production.

Also read: Primary market activity seems slowing down | One IPO launch, 14 listings set to take place next week

The initial public offering of City Crops Agro was subscribed 3.47 times. At the issue price, City Crops Agro's market capitalisation stood at Rs 40.79 crore and price-to-earnings ratio at 22.03x.

City Crops Agro IPO issue price was set at Rs 25 a share at a face value of Rs 10 and a lot size of 6,000.

The company plans to use the net proceeds from the IPO offering to meet working capital requirements, fund general corporate purposes, and cover issue related expenses.

No analyst covers this SME IPO.

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