Sai Swami Metals & Alloys makes a strong debut on BSE SME platform
Upstox
3 min read • Updated: May 8, 2024, 11:47 AM
Summary
Sai Swami Metals & Alloys Limited had an exceptional debut on the BSE SME platform, with its shares opening at a remarkable premium of 90% on Wednesday. Priced at ₹60 per share, the stock commenced trading at ₹114 per share, reflecting strong investor interest. Buoyed by robust buying, the shares surged by 5% to reach ₹119.70 apiece.
Sai Swami Metals & Alloys Limited shares listed at a bumper premium of 90% on Wednesday, making a dream debut on the BSE SME platform.
Shares of the company started trading at ₹114 per share against the issue price of ₹60, reflecting a stellar premium of 90%.
Sai Swami Metals & Alloys shares rise further by 5% to hit a high of ₹119.70 per share on strong buying by investors.
Exchange data showed that more than 15 lakh shares of Sai Swami Metals & Alloys changed hands on the BSE SME platform in early deals. The turnover was ₹18.08 crore while the market capitalisation stood at ₹79.21 crore.
Sai Swami Metals & Alloys listed its shares on Wednesday after a successful IPO.
The Rs 15-crore Sai Swami Metals & Alloys Ltd IPO was booked over 543 times driven by robust demand from retail investors. The public offer was open for subscription from April 30 to May 3.
The public offer comprised a fresh issue of 25 lakh shares and no offer for sale component. The IPO price was fixed at ₹60 per share. The minimum lot size was 2000 shares for retail investors. The company fixed the retail individual investors' quota for the IPO at 50 per cent of the net offer and the rest 50 per cent for non-retail investors.
According to exchange data, the SME IPO garnered bids for 128.98 crore equity shares worth ₹7,738 crore against the net issue size of 23,72,000 equity shares on offer.
Reflecting robust demand from retail investors, the portion reserved for retail investors' was booked 533 times. Applications for 62.74 crore equity shares were received against 11,86,000 equity shares on offer for subscription.
Non-retail investors' portion was subscribed 538 times. Bids for 63.32 crore equity shares were received compared to 11.86 lakh shares on offer for subscription.
Sai Swami Metals & Alloys Limited IPO share allotment
Sai Swami Metals & Alloys Limited, which markets cookware and appliances under the Dolphin brand, finalised the share allotment on Monday, May 6. Investors can check the share allotment status on the official website of the IPO registrar – Bigshare Services Pvt Ltd.
Sai Swami Metals & Alloys Limited IPO objective
The Ahmedabad-based cookware and appliances maker has proposed to utilise the IPO proceeds to fund expansion plans including the purchase of machinery, investment in its subsidiary firm and funding working capital requirements.
The company plans to utilise ₹6 crore for working capital requirements, ₹4 crore for investment in a subsidiary, ₹2 crore for purchasing machinery and ₹2 crore for general corporate purposes.
Sai Swami Metals & Alloys is involved in the trading and marketing of a comprehensive array of stainless steel products.
The company posted ₹1.79 crore net profit and ₹33.33 crore revenue for nine months ended in December 2023. In the 2022-23 fiscal year, the company logged a net profit of ₹3.83 lakh and a revenue of ₹6.27 crore.