BSE SME Shree Marutinandan Tubes soars on listing

Shares of Shree Marutinandan Tubes were quoting at Rs 210 on the BSE, a premium of 46.85% compared with the issue price of Rs 143.

The scrip was listed at Rs 200, a premium of 39.86% 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 210 and a low of Rs 200. About 4.70 lakh shares of the company changed hands at the counter.

Shree Marutinandan Tubes' IPO was subscribed 45 times. The issue opened for bidding on 12 January 2024 and it closed on 16 January 2024. The price of the IPO was fixed at Rs 143 per share.

The IPO comprised fresh issue of 10,00,000 shares. The promoter and promoters shareholding diluted to 58.30% from 82% pre-IPO.

The company intends to utilize the net proceeds of issue to meet incremental working capital requirements and general corporate purposes.

Shree Marutinandan Tubes engaged in the business of trading of Galvanized Pipe, electric resistance welding mild steel (ERW MS) Pipes (round pipes, square and rectangular hollow sections) in various specifications, sizes ranging from 15NB to 1000 NB and also in trading of Black Pipes and Solar Structural Pipes. The company's products have wide application in varied industries like Agriculture, Oil, Public Health, Housing, Irrigation, Engineering, Infrastructural, Industrial etc. As of 25 December 2023, the company has 14 employees.

The company recorded revenue from operations of Rs 42.77 crore and net profit of Rs 1.41 crore for the period as on 30 September 2023.

Powered by Capital Market - Live News