(MENAFN- KNN India)
New Delhi, Oct 30 (KNN) United Heat Transfer made its debut on the National stock exchange (NSE) SME today, with shares trading at Rs 62, marking a 5.08 per cent premium over its issue price of Rs 59.
The stock opened at Rs 60.95 and demonstrated notable volatility, reaching a high of Rs 63.95 and a low of Rs 57.95, with approximately 20 lakh shares changing hands during trading.
The company's initial public offering (IPO), which concluded on October 24, 2024, garnered substantial investor interest with a 78.02-times subscription rate.
The offering, priced between Rs 56 to Rs 59 per share, comprised a fresh issue of 50,84,000 shares, resulting in the promoter and promoter group's shareholding reduction from 91.59 per cent to 67.09 per cent.
Prior to the public offering, United Heat Transfer successfully raised Rs 8.46 crore from anchor investors on October 21, 2024, allocating 14.34 lakh shares at Rs 380 per share to six anchor investors.
The company plans to utilise the proceeds for loan repayment, working capital requirements, and general corporate purposes.
Based in Nashik, United Heat Transfer specialises in manufacturing shell and tube heat exchangers, air cooled heat exchangers, pressure vessels, and process flow skids equipment.
These products serve critical functions in various applications, including petrol and diesel engines, railway engines, maritime vessels, and heavy machinery. The company operates two manufacturing facilities and employs 105 people as of July 31, 2024.
Financial records indicate that United Heat Transfer generated revenue from operations of Rs 21.19 crore and achieved a net profit of Rs 2.42 crore for the period ending July 31, 2024.
(KNN Bureau)
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