(MENAFN- KNN India)
New Delhi, Jan 8 (KNN)
Leo Dryfruits & Spices Trading made its market debut on the Bombay stock exchange (BSE) with shares trading at Rs 66.30, marking a 27.50 per cent premium over its Initial public offer (IPO) price of Rs 52.
The stock opened at Rs 68, representing a 30.77 per cent premium, though it subsequently declined 2.5 per cent from its listing price.
Trading activity was robust, with approximately 18.78 lakh shares changing hands. The stock experienced an intraday high of Rs 68 and a low of Rs 64.60.
The company's recent IPO garnered significant interest, achieving a subscription rate of 169.08 times during its bidding period from January 1 to January 3, 2025, with a price band set at Rs 51-52 per share.
The public offering consisted of 35,06,000 fresh shares, resulting in a reduction of promoter and promoter group shareholding from 52.21 per cent to 38.11 per cent.
Prior to the IPO, the company successfully raised Rs 6.88 crore from anchor investors on December 31, 2024, allocating 13.24 lakh shares at Rs 52 per share to six investors.
Leo Dryfruits & Spices Trading operates in the food processing sector, manufacturing and marketing a diverse range of products under two primary brands including "VANDU" for spices, dry fruits, and grocery items, and "FRYD" for frozen and semi-fried products.
The company's portfolio includes whole and blended spices, plain and flavored dry fruits, ghee, seasonings, and various other grocery products.
As of June 30, 2024, the company employed 45 individuals across different organisational levels.
The company plans to utilise the IPO proceeds for expanding working capital, enhancing brand visibility through marketing initiatives, and general corporate purposes.
Financial records indicate that the company generated revenue from operations of Rs 62.16 crore and achieved a net profit of Rs 6.63 crore for the fiscal year ending March 31, 2024.
(KNN Bureau)
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