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3 min read | Updated on September 18, 2024, 10:35 IST
SUMMARY
Shares of the company gained a further 5% from the listing price to hit the upper circuit at ₹199.5 per share on the NSE SME platform. More than 8 lakh shares of the company changed hands on the platform in the first five minutes of trade. The traded value was ₹15.59 crore. The market capitalisation stood at ₹258.16 crore.
Innomet Advanced Materials makes strong debut, shares list at 90% premium on NSE SME
Metal powder manufacturer Innomet Advanced Materials Limited shares listed at a premium of 90% over the issue price on the NSE SME platform on Wednesday, September 18.
According to the exchange data, the company's shares started trading at ₹190 per share, reflecting gains of 90% over the issue price of ₹100 per share.
The company's shares gained 5% from the listing price to hit the upper circuit at ₹199.5 per share on the NSE SME platform.
More than 8 lakh shares of the company changed hands on the platform in the first five minutes of trade. The traded value was ₹15.59 crore, and the market capitalisation stood at ₹258.16 crore.
Innomet Advanced Materials raised ₹34.24 crore through an initial public offering (IPO). The IPO was open for subscription from September 11 to September 13. The public offer was a fresh issue of 34.24 lakh shares. The company fixed the price at ₹100 per share for the IPO. The minimum lot size was 1,200 shares, and the minimum amount of investment required was ₹1,20,000.
At the close of bidding on September 13, the Innomet Advanced Materials IPO was subscribed around 324 times. The NSE SME IPO garnered bids for more than 105.34 crore shares compared to 32.52 lakh shares on offer.
The Retail individual investors’ portion was booked nearly 227 times as bids for over 39.9 crore shares were received against 16.26 lakh shares set aside for the category.
The non-retail category was around 368 times as bids for 59.79 crore shares were received against 16.26 lakh shares on offer for subscription for the category.
Innomet Advanced Materials finalised the share allotment status on September 16 and initiated refunds and credit of shares to demat accounts on September 17.
According to Innomet Advanced Materials RHP, the company will use IPO proceeds to fund working capital requirements, capital expenditures, and debt repayment. The company plans to use ₹11.59 crore for funding working capital needs.
It will utilise ₹7.88 crore for funding capital expenditure requirements towards the purchase of machinery and equipment.
The company will use 2.09 crore to repay or prepay, in full or in part, all or a portion of certain outstanding borrowings it has taken out from banks and financial institutions.
Innomet Advanced Materials is a producer of metal powders and tungsten-heavy alloys. Founded in 1984, the company operates through two divisions – Innomet Powders and Innotung.
The company has a portfolio of 20 products, including bronze, copper, nickel, brass, tin and stainless-steel powders. The company supplies metal powders to various industries.
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