Aluwind Architectural share price hits 5% upper circuit after muted debut

Aluwind Architectural Ltd made a muted debut on the National Stock Exchange (NSE) on Tuesday, April 19, with shares listing flat at the issue price.

The stock lists at ₹45 per share on NSE Emerge platform. The listing price was the same as the issue price fixed by the company.

However, Aluwind Architectural shares picked up momentum after the muted listing and posted gains of 5% to trade at ₹47.25 per share on the NSE SME platform. The stock remained steady at the upper band in intraday trade amid the rally in benchmark indices, NIFTY and SENSEX.

Exchange data showed that more than 18.33 lakh shares traded in morning deals on the NSE SME platform. The traded value or turnover was ₹8.4 crore. The market valuation of the company stood at ₹117.4 crore.

Aluwind Architectural IPO was open for subscription from March 28 to April 4. The ₹29.7-crore IPO was a fresh issue of 66 lakh shares. The issue price was ₹45 per share and the lot size was 3,000 shares for retail investors. The investors were allowed for a minimum application amount of ₹1.35 lakh for a single lot and in multiples thereof.

The public offer of Aluwind Architectural generated decent demand and was subscribed more than 8 times at the close of bidding on April 4. Applications for 5.13 crore equity shares worth ₹231 crore were received against the net size of 62.7 lakh equity shares. The company had set aside around 50% of net issue for retail investors and the rest for institutional and other investors.

The retail investors’ portion was subscribed 10.71 times and other investors’ category by 5.23 times.

The company finalised the share allotment on April 5. Skyline Financial Services Private Ltd was the registrar for the NSE SME public issue.

About Aluwind Architectural Limited

Aluwind manufactures and installs a diverse range of aluminum products, including windows, doors, curtain walls, cladding, and glazing systems. The products are crafted to meet the unique needs of architects, consultants, builders, institutions, and corporations.

The company’s business is working capital intensive and it looks to expand its working capital to fuel business growth. The company has proposed to utilise ₹20.45 crore for financing working capital requirements and ₹6.5 crore for general corporate purposes.

The company has successfully expanded its market presence, with products sold in cities across India, including Mumbai, Pune, Bangalore and Hyderabad, among others. It looks to expand its reach and serve customers across the country.

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