(MENAFN- KNN India)
New Delhi, Sep 18 (KNN) Innomet Advanced Materials made a notable debut on the NSE SME platform, with its shares trading at Rs 199.50, marking a premium of 99.50 per cent over the issue price of Rs 100.
The stock initially listed at Rs 190, representing a 90 per cent premium over the initial public offering (IPO) price, and was subsequently frozen at its upper limit of 5 per cent above the listing price.
The share price hit a high of Rs 199.50 and a low of Rs 190 during trading, with approximately 12.88 lakh shares changing hands.
The company's IPO, which was open for bidding from September 11 to September 13, 2024, was oversubscribed 282.54 times.
The IPO involved a fresh issue of 3,423,600 equity shares, with the issue price set at Rs 100 per share. Following the IPO, the promoter and promoter group's shareholding has been diluted to 54.80 per cent from 74.52 per cent pre-issue.
Proceeds from the IPO are earmarked for supporting working capital, investing in new equipment, reducing debt, covering issue expenses, and general corporate purposes.
Innomet Advanced Materials specialises in manufacturing diamond tools, metal powders, and Tungsten Heavy Alloys (THA). The company operates through two divisions including Innomet Powders, which supplies metal and alloy powders including copper, bronze, brass, nickel, tin, and stainless steel; and Innotung, which focuses on Tungsten Heavy Alloy production through powder metallurgy.
The company's products are distributed both domestically and internationally, with markets including the US, UK, Germany, Netherlands, Japan, Italy, New Zealand, Lebanon, and Brunei.
As of March 31, 2024, Innomet Advanced Materials reported revenue from operations of Rs 28.99 crore and a net profit of Rs 2.51 crore. The company employs 56 staff members.
(KNN Bureau)
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