NSE SME Akanksha Power and Infrastructure jumps on debut

Shares of Akanksha Power and Infrastructure were quoting at Rs 65.10 on the NSE, a premium of 18.36% compared with the issue price of Rs 55.

The scrip was listed at Rs 62, a premium of 12.73% compared with the initial public offer (IPO) price. The stock was currently frozen in an upper limit of 5% over its listing price.

The counter hit a high of Rs 65.10 and a low of Rs 62. About 18.06 lakh shares of the company changed hands at the counter.

Akanksha Power and Infrastructure's IPO was subscribed 78.06 times. The issue opened for bidding on 27 December 2023 and it closed on 29 December 2023. The price of the IPO was set at Rs 52 to Rs 55 per share.

The IPO comprised fresh issue of 49,95,000 shares. The promoter and promoter shareholding diluted to 60.81% from 83.28% pre-IPO.

The company intends to utilize the net proceeds for to meet the capital expenditure, working capital requirement, general corporate purposes and the issue expenses.

Ahead of the IPO, Akanksha Power and Infrastructure on 26 December 2023, raised Rs 7.79 crore from anchor investors. The board allotted 14.18 lakh shares at Rs 55 per share to four anchor investor.

Akanksha Power and Infrastructure is engaged in the business of manufacturing of electric equipments, including electrical panels, instrument transformers, and vacuum contactors, catering to consumers from institutions, industries and electricity transmission and distribution utilities. The company caters to engineering projects and products to its various clients in India. As on 31 March 2023, the company has 434 full time employees.

The company recorded revenue from operations of Rs 36.62 crore and net profit of Rs 1.45 crore for the period as on 31 December 2023.

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