NSE SME IPO Krishca Strapping Solutions soars on debut
May 26, 2023 12:48 PM | Source: capitalmarket.com
Shares of Krishca Strapping Solutions were trading at Rs 112.90 on the NSE, a premium of 109.07% compared with the issue price of Rs 54.
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The scrip was listed at Rs 118.80, a premium of 120% over the initial public offer (IPO) price. The scrip hit a high of Rs 118.80 and a low of Rs 112.90. About 9.68 lakh shares of the company changed hands at the counter.
The IPO of Krishca Strapping Solutions was subscribed 244.92 times. The issue opened for bidding on 16 May 2023 and it closed on 19 May 2023. The price band of the IPO was fixed at Rs 51-54 per share.
The IPO comprised fresh issue of upto 33,20,000 shares. The promoter and promoter group shareholding reduced to 62.2% post IPO from 86.34% pre-IPO.
Ahead of the IPO, Krishca Strapping Solutions, on 15 May 2023, raised Rs 9.04 lakh from anchor investors. The board allotted 7,18,000 shares to Rajasthan Global at Rs 54 per equity share and 1,86,000 shares to Saint Capital Fund at Rs 54 per equity share.
The company intends to utilize the net proceeds from the issue for capital expenditure for setting up of new strapping line, repayment of certain secured borrowings in full availed by the company and general corporate expenses, issue expenses.
Krishca Strapping Solutions is engaged as manufacturer and wholesaler of strapping steel, steel seals, strapping tools. The company has 50 employees as on 15 February 2023.
The company recorded a revenue from operations of Rs 63.41 crore and net profit of Rs 7.85 crore for the period ended as on 15 February 2023.