The scrip was listed at Rs 250, a premium of 187.36% 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 262.50 and a low of Rs 241. About 25.08 lakh shares of the company changed hands at the counter.
Owais Metal and Mineral Processing's IPO was subscribed 149.22 times. The issue opened for bidding on 26 February 2024 and it closed on 28 February 2024. The price band of the IPO was set between Rs 83 to Rs 87 per share.
The IPO comprised fresh issue of 49,07,200 shares. The company intends to utilise the net proceeds to purchase of equipment to facilitate manufacturing meet working capital requirements and general corporate purposes.
Ahead of the IPO, Owais Metal and Mineral Processing on 23 February 2023, raised Rs 11.90 crore from anchor investors. The board allotted 13.68 lakh shares at Rs 87 per share to 4 anchor investors.
Owais Metal and Mineral Processing engaged in the manufacturing and processing of various metals and minerals like manganese oxide, MC Ferro Manganese, wood charcoal, processing of minerals such as ferro alloy, quartz and manganese ore. The company has 25 employees.
The company recorded revenue from operations of Rs 39.52 crore and net profit of Rs 7.65 crore for the period as on 31 December 2023.