The scrip was listed at Rs 148.20, a premium of 90% compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price.
The counter hit a high of Rs 155.59 and a low of Rs 148.20. About 17.15 lakh shares of the company changed hands at the counter.
Storage Technologies & Automation's IPO was subscribed 185.19 times. The issue opened for bidding on 30 April 2024 and it closed on 3 May 2024. The price band of the IPO was fixed at Rs 73 to 78 per share.
The IPO comprised fresh issue of 38,40,000 equity shares. The promoter and promoter group shareholding diluted to 70.09% from 100% pre-IPO.
The company intends to utilize the net proceeds to meet working capital requirement and general corporate purpose.
Storage Technologies & Automation is engaged in a storage racking system. It specialise in design, manufacturing, installation services of metal storage racks, automated warehouses and other storage solutions. The company’s range of products and services demonstrates their commitment to providing innovative, efficient solutions for diverse warehousing needs, catering to a wide range of industries each with its own specific storage and logistical requirements, which includes oil & gas, automotive components & aerospace, food & beverages and cold storage, pharmaceutical, textile, retail, FMCG and others. As on 31 October 2023, the company has 166 permanent employees and 94 contractual basis.
The company recorded revenue from operations of Rs 52.91 crore and net profit of Rs 3.58 crore for the period as on 31 October 2023.