NSE SME IPO Sungarner Energies lists at steep premium

Shares of Sungarner Energies hit an lower limit of 5% to trade at Rs 237.50 on the NSE, a premium of 186.14% compared with the issue price of Rs 83.

The scrip was listed at Rs 250, a premium of 201.20% compared with the issue price. The scrip hit a high of Rs 262.50 and a low of Rs 237.50. About 3.53 lakh shares of the company changed hands at the counter.

The initial public offer (IPO) of Sungarner Energies was subscribed 138.19 times. The issue opened for bidding on 21 August 2023 and it closed on 23 August 2023.The IPO price was fixed at Rs 83 per share.

The IPO comprised fresh issue of 6,40,000 shares The promoter and promoter group shareholding diluted to 70.01% from 100% pre-IPO.

The company intends to utilize the net proceeds for working capital requirement, general corporate purposes and Issue related expenses.

Sungarner Energies offers a wide range of power solutions such as solar power, UPS, batteries, inverters and solar panels. The company provides solutions like design and engineering services in power sector to its customers. It has already established distribution network in some of the key markets like Haryana, UP, Bihar, Rajasthan, and Assam. SunGarner has 6 service centres in India - Delhi, UP Haryana, Bihar Assam, Bengal. The company has also exported its products to Nigeria, Lebanon, Nepal, Dubai and Bhutan. as on 1 August 2023, the company has 54 full time employees

The company recorded a revenue from operations of Rs 17.31 crore and net profit of Rs 0.74 crore for the period ended as on 31 March 2023.

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