Aprameya Engineering shares list at 24% premium to IPO price on NSE SME platform

Shares of small and medium enterprises (SME) Aprameya Engineering Ltd, a leading healthcare infrastructure provider, made a solid trading debut on Thursday, August 1. The stock is listed at a 24% premium on the NSE SME platform.

The Aprameya Engineering stock opened the session at ₹72, up 24.1% compared to its initial public offering (IPO) price of ₹58 apiece. Within minutes, the stock rose another 5% to hit the upper circuit at ₹75.6 levels on the NSE Emerge platform.

For successful bidders who were allotted shares in the Aprameya Engineering IPO, the listing on Thursday translated into an immediate profit of at least ₹28,000 (₹14 x 2,000) as the minimum bid quantity in the issue was 2,000 shares.

The ₹29.23-crore Aprameya Engineering IPO, which was open for subscription from July 25 till July 29, was subscribed over 192 times during the three-day bidding period. Applications were received for 64.55 crore shares against 33.52 lakh shares on offer.

The quota reserved for retail individual investors was overbooked by almost 188 times, while the non-institutional investors’ (NIIs) portion was oversubscribed 340 times. The qualified institutional buyers’ (QIBs) segment saw an oversubscription of around 90 times.

The Aprameya Engineering IPO comprised a fresh issuance of 50.4 lakh shares with no offer-for-sale (OFS) component. The company had fixed the price band of the issue at ₹56 to ₹58 per share, with a lot size of 2,000 shares.

Ahead of the IPO's launch, Aprameya Engineering raised around ₹8.32 crore through its anchor round. On July 24, the company approved the allocation of 14.34 lakh shares to seven anchor investors at an average price of ₹58 per share.

The list of anchor investors included names like NAV Capital VCC, Rajsthan Global Securities, LRSD Securities, Finavenue Capital Trust, Kingsman Wealth Fund, Negen Undisclosed Value Fund and Swyom India Alpha Fund.

Aprameya Engineering had earlier said that it intended to utilise the proceeds of the issue to meet the incremental working capital requirements (including augmentation on long-term working capital) and general corporate purposes.

The company was founded by two medical engineers in 2003 as a healthcare solution provider by partnering with many leading multinational and Indian original equipment manufacturers (OEMs).

The company is working in key areas of turnkey project solutions for various operation theatres, modular OT, and projects for ICU, NICU, CCU, and prefabricated projects. Hospital design, equipment procurement, supply, commissioning, installation planning, and after-sales service are other key work areas for the company.