The shares of Supreme Power Equipment made a remarkable debut on the NSE SME platform, opening at an impressive 50.77% premium during Friday’s trading session. The SME stock commenced trading at ₹98 per share, well above the issue price range of ₹61 to ₹65 per equity share.
What’s noteworthy is that the listing gains didn’t stop at the initial surge, as Supreme Power Equipment’s share price continued to soar. It reached an intraday high of ₹102.90 per share, triggering a 5% upper circuit within minutes of being listed. Before hitting the upper circuit, the stock experienced a brief dip, touching an intraday low of ₹95 per share.
Here are some key details about the Supreme Power Equipment IPO:
– The public issue for this engineering company opened for subscription on December 21, 2023, and closed on December 26, 2023.
– The offer price for the IPO was set at ₹61 to ₹65 per equity share.
– Investors could apply for the book build issue in lots, with one lot comprising 2,000 company shares.
Purva Sharegistry India Pvt Ltd served as the official registrar for the public issue, while Narnolia Financial Services Limited took on the role of the Book Running Lead Manager.
The net proceeds generated from the IPO will be allocated towards various purposes, including meeting capital expenditure requirements, addressing working capital needs, and covering general corporate expenses.
Vee Rajmohan, Chairman And Managing Director of Supreme Power Equipment Limited, expressed enthusiasm about the IPO, stating, “This IPO marks a significant milestone for us, and we are enthusiastic about the opportunities and growth that lie ahead.”
With over 29 years in the industry, the company has established itself as a leading manufacturer of power and distribution transformers in Tamil Nadu. The funds raised through the IPO will be strategically utilized to support working capital, fund capital expenditures, and manage general corporate expenses. The company remains optimistic about its future success in the transformer industry.
