Maxvolt Energy Industries makes muted debut at ₹180 on NSE SME; check details

Maxvolt Energy Industries made a muted trading debut with its shares listing flat at ₹180 apiece on the NSE SME platform on Wednesday, February 19.

Shares of the company opened flat at ₹180 per share, the same as the issue price of the IPO. Soon after listing, the stock marginally increased to hit an intraday high of ₹182.05 apiece on the NSE Emerge platform.

More than 7 lakh equity shares changed hands on the NSE. The total trading value stood at ₹12.76 crore. The market capitalisation of the company stood at ₹196.27 crore.

As the stock debuted at the issue price of ₹180, IPO investors would not have made any gains. The minimum investment for the IPO investors was ₹1,36,800 for a single lot of 800 shares.

The IPO of the lithium-ion batteries maker was open for bidding from February 12 to 14 to raise ₹54 crore from public investors.

The issue comprised a fresh issue of 24 lakh shares, worth up to ₹43.2 crore, and an offer for sale of 6 lakh shares worth up to ₹10.80 crore. The company set the price at ₹180 per share for the fixed price issue.

The public offer received decent demand from investors with the NSE SME issue getting subscribed by more than 3 times on the final day. Investors submitted bids for more than 64.4 lakh shares compared to the net issue size of 19.96 lakh shares.

The Non-Institutional Investors (NIIs) bidded for 6.2 lakh shares against 4.28 lakh shares, leading to an oversubscription of nearly 1.5 times. The retail portion was subscribed around 2 times as bids for 19.72 lakh shares were received compared to 10 lakh shares on offer. The Qualified Institutional Buyers portion was booked 6.76 times as applications for 38.47 lakh shares were received compared to 5.68 lakh shares on offer.

Maxvolt Energy Industries is a manufacturer of lithium-ion batteries. These batteries are used in electronic products, electric vehicles and energy storage systems.

The company also supplies advanced Graphene Battery packs and battery chargers. It has set up service centres in states like Delhi, Uttar Pradesh, Madhya Pradesh, Gujarat, and Bihar. It has a manufacturing plant in Ghaziabad, Uttar Pradesh, with a total production capacity of 97.2 MWh.

Maxvolt Energy has proposed to utilise ₹8.89 crore of the IPO proceeds to repay or prepay debt availed from banks, financial institutions, and NBFCs.

The company would use ₹24.27 crore from the fresh issue proceeds to finance expenditure on purchasing plants and machinery. The rest of the funds would be used for general corporate purposes.

Maxvolt Energy Industries financials

Maxvolt Energy Industries reported a profit after tax of ₹4.77 crore for the April-September period of FY 2024-25. The company posted revenue of ₹41.08 crore for the first six months of FY25.

The company reported a revenue of ₹48.78 crore in FY 2023-24 while its PAT was ₹5.2 crore in the last fiscal.