Aeron Composite Shares Make Strong Debut On NSE SME Platform
(MENAFN- KNN India)
New Delhi, Sep
4 (KNN) Shares of Aeron Composite made a promising start on the stock market on September 4, listing at Rs 150 per share, representing a 20 per cent premium over the issue price of Rs 125 on the NSE SME platform.
This opening aligns closely with grey market expectations, where the shares were trading at a premium of approximately 27 per cent.
The grey market operates as an unofficial market where shares are traded before they are officially listed.
Aeron Composite's initial public offering (IPO), a book-built issue worth Rs 56.10 crore, consisted entirely of a fresh issue of 44.88 lakh shares.
The public offering attracted significant investor interest, with the issue being oversubscribed 41 times over its three-day subscription period.
Non-institutional investors were particularly active, subscribing to over 75.53 times their allotted quota.
Retail investors followed with a subscription rate 34 times their reserved portion, while qualified institutional buyers (QIBs) purchased 27.8 times their allotted shares.
Founded in 2011, Aeron Composite Limited specializes in the manufacture and supply of glass fibre reinforced polymer (FRP) products, including pultruded products, moulded gratings, and rods for various industrial applications.
The company offers comprehensive solutions, ranging from conceptual design and prototype development to testing, manufacturing, logistics, installation, and after-sales service.
The company intends to utilize the proceeds from the fresh issue to establish a new manufacturing facility, with the remaining funds allocated for general corporate purposes.
(KNN Bureau)
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