The scrip was listed at Rs 138.70, a premium of 90% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% compared to its listing price.
The counter hit a high of Rs 145.60 and a low of Rs 138.70. About 15.33 lakh shares of the company changed hands at the counter.
Apex Ecotech's IPO was subscribed 420.73 times. The issue opened for bidding on 27 November 2024 and it closed on 29 November 2024. The price band of the IPO was set at Rs 71 to Rs 73 per share.
The IPO comprised fresh issue of 34,99,200 shares. The promoter and promoter group shareholding diluted to 69.29% from 94.32% pre-IPO.
The company intends to utilize the net proceeds for working capital requirements of company, public issue expenses and for general corporate purpose.
Ahead of the IPO, Apex Ecotech on 26 November 2024, raised Rs 7.21 crore from anchor investors. The board allotted 9.88 lakh shares at Rs 73 per share to 4 anchor investor.
Apex Ecotech provides water and wastewater treatment, recycling, and reuse solutions. The company also offers its customers after-sales support as well as operation and maintenance services. The company's services include setting up raw water treatment plants for industrial processes, effluent & sewage treatment plants to meet pollution norms, providing sludge dewatering equipment, recycling of pre-treated wastewater through membrane systems (ultra filtration, nanofiltration, reverse osmosis, disc type RO, etc.) and thermal / vapor compression- based evaporators & crystallizers for zero liquid discharge systems. The company had 119 full time employees.
The company recorded revenue from operations of Rs 21.70 crore and net profit of Rs 1.55 crore for the period as on 30 September 2024.