New Swan Multitech achieved an impressive stock market debut on Thursday, marking a stellar performance by listing at a substantial 90% premium to its IPO price. The opening price for New Swan Multitech shares stood at ₹125.40, soaring above the issue price of ₹66 on the BSE SME.
Following the listing, New Swan Multitech shares continued their upward trajectory and were quickly locked at the 5% upper circuit, reaching ₹131.67 apiece. This remarkable surge effectively doubled the investment for IPO participants. The shares of New Swan Multitech had already commanded a substantial 80% grey market premium before the official listing.
This outstanding market entry is fueled by robust demand for the New Swan Multitech IPO, which was open for subscription from January 11 to January 15.
The IPO witnessed overwhelming demand, with an overall subscription of 384.26 times. The retail category exhibited exceptional interest, being oversubscribed by 388.23 times, while the Qualified Institutional Buyers’ (QIB) category saw a subscription of 110.69 times.
Non-Institutional Investors (NII) were not far behind, with a remarkable subscription of 739.72 times. The SME IPO had a total issue size of ₹33.11 crore, comprising an entirely fresh issue of 50.16 lakh shares, priced in the range of ₹62 to ₹66 per share.
The New Swan Multitech IPO allotment process was concluded on Tuesday, January 16, 2024, and the listing date was set for January 18.
Hem Securities and Share India Capital Services Private Limited played the role of book running lead managers for the New Swan Multitech IPO, with Bigshare Services Pvt Ltd serving as the IPO registrar.
New Swan Multitech specializes in the manufacturing of precision-engineered components and parts, catering to two primary sectors: the automotive industry and modern farming.
As of 11:25 pm, New Swan Multitech shares remained locked at the upper circuit of ₹131.67 on the BSE SME, marking a remarkable 99.5% surge from its IPO issue price. The exceptional market response underscores the company’s strong position and investor confidence in its growth prospects.
