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Metalic Technoforge shares debut on NSE at 13% premium

The SME IPO was subscribed at nearly 6 times and raised about ₹50 crore through a fresh issue of 64.88 lakh shares.

Reported · Written up by our desk · Asia

Metalic Technoforge shares were listed on the NSE at a 13% premium to the issue price on 28 July, after the SME IPO was approved for public trading.

According to LiveMint Markets, the stock opened at ₹87, then traded at about ₹83.50 around 11:30 AM, down from the open but still about 8% above the issue price. The listing was also supported by grey market indications that pointed to a listing premium of roughly 8%.

The IPO opened for public subscription on 21 July and closed on 23 July, with an overall subscription of nearly 6 times, LiveMint Markets reported.

The fresh issue comprised 64.88 lakh equity shares to raise nearly ₹50 crore. The company plans to allocate ₹30.8 crore to set up its manufacturing unit IV and upgrade facilities in Rajkot, use ₹6.72 crore for repayment or prepayment of certain borrowings, and reserve the remainder for general corporate purposes, according to the report.

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