Parmeshwar Metal Makes Strong Market Debut At BSE SME Platform With 38% Premium
(MENAFN- KNN India)
New Delhi, Jan 9 (KNN) Parmeshwar Metal Ltd. made a debut on the BSE SME platform on January 9, with its shares listing at Rs 84.50, marking a 38.52 percent premium over its initial public offering (IPO) price.
The company's market capitalisation reached Rs 129.34 crore following the listing. The successful IPO, which was priced between Rs 57 and Rs 61 per share, raised Rs 25 crore and garnered extraordinary investor interest, achieving a subscription rate of over 563 times during its three-day bidding period from January 2 to January 6.
The Gujarat-based manufacturer has outlined strategic plans for utilising the IPO proceeds, primarily focusing on expanding its production capabilities.
The company intends to establish a new manufacturing facility in Dehgam for the production of bunched copper wire and 1.6 MM copper wire rod.
Additional funds will be allocated towards renovating copper melting furnaces, meeting working capital requirements, and general corporate purposes.
While the shares had commanded a grey market premium of approximately 62 percent prior to listing, the final listing premium settled at 38 percent, still reflecting strong market confidence in the company's prospects.
This successful market debut underscores the robust investor appetite for small and medium enterprise (SME) offerings in the current market environment.
(KNN Bureau)
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