NSE SME Goyal Salt makes blockbuster listing

Shares of Goyal Salt were quoting at Rs 136.50 on the NSE, a premium of 259.21% compared with the issue price of Rs 38.

The scrip was listed at Rs 130, up 242.11% over the initial public offer (IPO) price. The stock was currently frozen at an upper limit of 5% from its listing price.

The counter hit a high of Rs 136.50 and a low of Rs 123.50. About 26.64 lakh shares of the company changed hands at the counter.

Goyal Salt's IPO was subscribed 195.67 times. The issue opened for bidding on 26 September 2023 and it will close on 3 October 2023. The price band of the IPO was fixed at Rs 36 to 38 per share.

The IPO comprised fresh issue of 49,02,000 shares. The company intends to utilize the net proceeds to meet capital expenditure for quality enhancement, Brand creation and marketing expenses, working capital requirements and general corporate purposes.

Ahead of the IPO, Goyal Salt on 25 September 2023, raised Rs 5.46 crore from anchor investors. The board allotted 13,17,000 shares at Rs 38 per share to 2 anchor investors.

Goyal Salt is primarily engaged in the business of refining of raw salts procured from sub soil brine in the state of Rajasthan for useable as industrial salts and edible salts. The company refines and supplies pure, refined and quality range of triple refined free flow iodized salt, industrial salt, double fortified salt and triple refined half dry salt. The company's refining process does not involve any adulteration from chemical and harmful substances. As on 20 June 2023, the company has 314 employees (i.e., 31 regular, 231 contractual and 52 temporary employees) which include accounts & finance, compliance, maintenance, marketing & logistics, production & operations, quality, top level management and permanent labour.

The company recorded revenue from operations of Rs 117.64 crore and net profit of Rs 3.53 crore for the period as on 31 March 2023.

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