Shares of DCG Cables & Wires made a slow start on its debut on April 16 after listing at Rs 90, a discount of 10 percent over the issue price of Rs 100 per share on the NSE SME platform.
The listing reflects the grey market trend where shares were trading with little-to-no gains. Grey market premium shows investors' willingness to pay more than the issue price.
The company, established in 2017, specialises in the production of copper cables and wires primarily catering to transformer manufacturers in India. Their offerings range from copper strips and paper covered copper strips in various shapes to a variety of paper-covered copper conductors and connection cables.
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The Rs 49.99-crore public offer is entirely a fresh issue of 49.99 lakh shares. The company intends to use the proceeds from the offer for meeting capital requirements for building construction, meeting public issue expenses, and general corporate purposes.
Interactive Financial Services Ltd is the book running lead manager of the DCG Cables & Wires IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for DCG Cables & Wires IPO is Nikunj Stock Brokers.
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