January 3, 2024

New Delhi, India

Akanksha Power Shines with a 12.7% Premium Listing

Akanksha Power and Infrastructure Limited’s IPO, which opened on December 27 and closed on December 29, has made an impressive stock market debut on the NSE SME. The shares listed at a premium of 12.72%, starting at ₹62 per share, showcasing strong demand and investor confidence.

IPO Overview

The IPO, valued at ₹27.49 crore, consisted of a fresh issue of 4,998,000 equity shares. The company’s objectives include meeting working capital needs, capital expenditure, general corporate purposes, and covering issue expenses.

Company Profile

Akanksha Power specializes in producing vacuum contractors, transformers, and switchboards for utilities, industry, and educational institutions.

Grey Market Premium (GMP)

The Akanksha Power IPO’s Grey Market Premium (GMP) is +10, indicating that the shares were trading at a premium of ₹10 in the grey market. With an estimated listing price of ₹65, this reflects an 18.18% increase over the IPO price.

Also Read: Kay Cee Energy & Infra IPO Sees Massive Subscription, GMP Suggests Strong Market Interest

Manoj Ceramic Soars with Over 32% Premium Listing

Manoj Ceramic’s IPO has also made a remarkable debut on the BSE SME. With shares opening at ₹82 per share, a premium of more than 32% over the issue price of ₹62, the company showcases a strong market presence and robust investor interest.

IPO Details

The IPO raised ₹14.47 crore through a fixed price issue of 23.34 lakh equity shares. The funds are earmarked for working capital expenses and general corporate purposes.

Company Insight

Established in 1991, Manoj Ceramic trades in ceramic tiles and tile adhesives under the brand name “MCPL.” While it doesn’t manufacture tiles itself, the company sources them from a third-party manufacturer.

Subscription and Demand

Manoj Ceramic’s IPO witnessed strong demand, with an overall subscription of 9 times. The retail category subscription stood at an impressive 10.73 times, and the Other category at 7.28 times.

Conclusion

Both Akanksha Power and Manoj Ceramic have successfully navigated their IPOs, reflecting positive market sentiment and investor confidence. The substantial premiums at listing indicate robust demand, setting the stage for promising market performances in the future. Investors and industry watchers are keenly observing these developments, anticipating further growth and success for these companies in the market.

Also Read: USDINR Outlook for 2024

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Disclaimer:

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