Shivalic Power Control share price listed with a stellar 211% premium at ₹311 on the NSE SME on Monday. The Initial Public offer that opened for subscription on Monday 24 June, 2024, closed on Wednesday 26 June'2024 had received a strong response being subscribed more than 257 times.
It was not only the strong subscription but high grey market premium that had indicated towards strong listing and investors were anticipating handsome listing gains
The grey market market premium (GMP) for Shivalic Power Control's initial public offering as per data from Investorgains.com. stood at ₹225 per share,
The same had indicated that the equity shares of Shivalic Power Control's initial public offering were selling for ₹325 on the grey market, which was 225% more than the ₹100 share issuance price.
The Shivalic Power Control share price that opened at ₹311, however scaled highs of ₹326.55 and was locked in 5% upper circuit. The Shivalic Power Control share price after strong opening had seen lows of ₹297 in the opening trades on the NSE SME, however gained strength rising to highs.
The Shivalic Power Control, which was fresh-issuing 64.32 lakh shares, intended to raise ₹64.32 crore in total. The proceeds from the IPO will be used to fund the company's capital expenditures, working capital needs, and the purchase of new machinery. A portion of the funds will also be used to build a warehouse's infrastructure by removing the roof, and they will also be used to support the company's inorganic expansion through unnamed acquisitions. They can utilize a portion of the money to cover regular corporate expenses.
Shivalic Power Control Limited is an electric panel manufacturer that was founded in 2004. The company offers a range of products such as PCC panels, IMCC panels, Smart panels, MCC panels, outdoor panels, HT panels up to 33KV, VFD panels, Power Distribution Boards, Bus Duct, and LT & HT APFC panels. It also offers DG synchronization panels.
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