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Sotefin Bharat shares surge to upper circuit after SME IPO listing

The SME stock opened at ₹205, later locked at the 5% upper band of ₹215.25 on BSE SME and drew over 3x subscription, with proceeds aimed at a Kolkata manufacturing facility and working capital.

Reported · Written up by our desk · IPOs

Sotefin Bharat shares began trading on the BSE SME on 23 July with a premium and extended gains despite a weak broader market, according to LiveMint Markets.

The SME stock opened at ₹205, up 9.6% from the issue price of ₹187, and climbed to its 5% upper price band at ₹215.25. Around 10:30 AM, it was locked at the upper circuit, which marked a 15% increase from the issue price, while the Sensex was down 0.14% at 76,646.

LiveMint Markets said the listing price also exceeded grey market expectations, with the last grey-market premium at ₹2.50 implying a potential listing value of ₹189.50, a 1.3% premium over the issue price.

The IPO, which opened for public subscription on 16 July and closed on 20 July, was priced in a ₹178 to ₹187 band and consisted entirely of a fresh issue of 48 lakh shares to raise about ₹90 crore. The company plans to use funds for a manufacturing facility in Kolkata, capital expenditure, working capital, funding for a proposed new office premises, and general corporate purposes.

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