Amkay Products IPO: Dream debut on BSE SME platform with 90% premium
Upstox
3 min read • Updated: May 8, 2024, 11:54 AM
Summary
Amkay Products IPO: Healthcare products maker debuted on the BSE SME platform with a stellar 90% premium over its issue price, listing at ₹104.50 per share against ₹55. The stock soared further by 5%, reaching ₹109.72 amid robust investor interest.
Amkay Products IPO: Healthcare products maker Amkay Products Ltd made a dream debut on the BSE SME platform on Wednesday with shares listing at a premium of 90% to the issue price.
According to BSE data, Amkay Products Ltd listed at ₹104.50 per share on the SME platform against the issue price of ₹55 per share.
The stock gained a further 5% to hit a high of ₹109.72 on strong buying by investors. Around 5.78 lakh shares of the company changed hands in the early session. Total turnover was ₹5.42 crore while the market capitalisation stood at ₹94.97 crore.
The public offer of Amkay Products was also hit as it attracted strong bids from both retail as well institutional investors.
Riding on robust demand from retail investors, healthcare products maker Amkay Products IPO was booked 748 times at the close of bidding on May 3. The issue opened for subscription on April 30.
According to exchange data, bids for more than 113 crore equity shares worth ₹6,261 crore were placed by investors against 16.42 lakh shares on offer for subscription.
The retail investors’ category was subscribed more than 973 times. Retail investors moved applications for 74.15 crore equity shares against 7.62 lakh equity shares offered for them.
The non-Institutional Investors’ portion was booked more than 987 times. Bids for 32.18 crore equity shares were received against 4.46 lakh shares on offer.
Qualified institutional investors’ category was subscribed 173 times. QIBs placed bids for 7.5 crore shares worth ₹413 crore against the quota of 434,000 shares.
Amkay Products IPO details
Amkay Products hit the capital market with its SME IPO on April 30 to raise around ₹12.61 crore from public investors. The public offer was a book-built issue. The IPO comprised a fresh issue of 22.92 lakh shares. The price band was ₹52-₹55 per share. The minimum lot size was 2000 shares for retail investors while the minimum investment was ₹110,000.
Hem Securities Limited was the book-running lead manager. The market maker is Hem Finlease. Bigshare Services Pvt Ltd is the IPO registrar.
Amkay Products IPO share allotment and listing
Amkay Products announced the share allotment on May 6, Monday. Investors can check the share allotment status on the official website of IPO registrar Bigshare Services Pvt Ltd and BSE.
Amkay Products IPO objective
According to the RHP, Amkay Products would utilise IPO proceeds to fund capital expenditure and finance working capital needs.
The company has proposed to install additional machinery to boost production. IPO proceeds will also be used for other general corporate purposes.
Amkay Products is engaged in the production and marketing of healthcare products, medical devices and disposables like face masks among others.
The company’s product portfolio comprises lancet needles, alcohol swabs, pulse oximeters and nebulizers. It is also involved in the marketing and branding of plastic gloves, suction machines and diapers.
According to the company’s RHP, Amkay Products had earned a revenue of ₹28.26 crore in the 2022-23 financial year. The net profit stood at ₹1.52 crore in 2022-23.
The company reported a net profit of ₹2.15 crore for the April-December period of FY2023-24. Its total income was ₹23.85 crore in the first nine months of FY24.