US Markets
Home›US Markets›Equities›SMC Global Securities shares jump 18% to a 52-week high
SMC Global Securities shares jump 18% to a 52-week high
The move came as the firm previously acted as a market maker for SME IPOs, including Kheria Autocomp, and agreed to market making obligations for three years from listing.
SMC Global Securities shares rose 18% on Monday, September 28, hitting a fresh 52 week high even as the broader stock market saw a sharp sell off, LiveMint Markets reports.
The stock drew attention after the company acted as a market maker for SME IPOs, including Kheria Autocomp and the recently concluded S.K. Offset IPO, which closed on Friday, September 25.
SMC Global Securities said it acted as a market maker in Kheria Autocomp's initial public offering, and along with persons acting in concert, acquired 16,75,200 equity shares, or 10.57% of the company's total equity share capital or voting rights.
Under the market maker reservation portion, 2,30,400 equity shares were reserved for subscription by the market maker, and SMC Global Securities agreed to undertake market making obligations by receiving or delivering the specified securities for three years from the date of listing, under SEBI ICDR Regulations.