Falcon Technoprojects shares make weak debut, list at over 8% discount

Falcon Technoprojects India Ltd made a weak debut in the NSE SME platform with its shares listing at a discount of 8.7% on Wednesday.

Shares of the company started the trade at ₹84 per share against the issue price of ₹92 per share on NSE Emerge, reflecting losses of 8.7% over the issue price.

More than 3 lakh shares of the company traded on the bourse in morning deals. The traded value was ₹2.73 crore.

The stock later gained some ground, trading 5% higher from the listing price at ₹88.20 at 11.40 AM. However, it was still down 4% from the issue price.

The market valuation of the company stood at ₹47.25 crore.

Falcon Technoprojects India Ltd IPO subscription

Falcon Technoprojects India Ltd. launched its initial public offering from June 19 to June 21, 2024. The company fixed the IPO price at ₹92 per share, and the minimum lot size was 1200 shares.

The ₹13.69 crore IPO, which comprised a fresh issue of 14.88 lakh shares, received a robust response from retail and non-retail investors.

At the close of bidding on June 21 (Friday), the issue was booked around 65 times. Applications for 9.23 crore shares worth ₹849.47 crore were received against 14.13 lakh shares on offer for subscription.

Retail investors’ quota was booked more than 82 times with bids for 5.84 crore shares. Non-retail investors’ quota was booked 45 times as bids for 3.18 crore shares were received against 7.06 lakh shares on offer.

Kunvarji Finstock Pvt Ltd was the book-running lead manager of the IPO. Kfin Technologies Limited is the IPO registrar. Investors can check the websites of Kfin Technologies Limited and NSE for share allotment status.

Falcon Technoprojects to use IPO proceeds to fund working capital needs

Falcon Technoprojects provides mechanical, electrical and plumbing (MEP) services to pan-India customers in various sectors including petroleum refineries, residential townships, atomic energy and civil construction.

Falcon Technoprojects has proposed to utilise ₹10.26 crore from the net proceeds of ₹13.07 crore towards funding its working capital requirements in 2024-25.

The company reported revenue from operations of ₹10.33 crore for the April-January period of 2023-24. Its revenue was ₹16.53 crore in FY23 against ₹22.86 crore in FY22.

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