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The scrip was listed at Rs 114, a premium of 90% compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price. The counter hit a high of Rs 119.70 and a low of Rs 114. About 18.52 lakh shares of the company changed hands at the counter. Sai Swami Metals and Alloys' IPO was subscribed 515.84 times. The issue opened for bidding on 30 April 2024 and it closed on 3 May 2024. The price of the IPO was fixed at Rs 60 per share. The IPO comprised fresh issue of 25,00,000 equity shares. The promoter and promoter group shareholding diluted to 62.15% from 99.88% pre-IPO. The company intends to utilise the net proceeds to meet incremental working capital requirements of the company, to invest in subsidiary company, to purchase of machineries and general corporate purposes. Sai Swami Metals and Alloys is a leading trading and marketing company that specializes in the trading and marketing of a wide range of stainless steel kitchenware products. The company offers a wide range of items, including dinner sets, stainless steel casseroles, multi kadai, water bottles, stainless steel sheets, stainless steel circles, and various types of utensils. Sai Swami and its subsidiaries, Bhagat Marketing and Dhruvish Metals, specialize in trading and marketing stainless steel kitchenware products under the brand Dolphin. As on 31 March 2024, the company has 7 employees. The company recorded revenue from operations of Rs 33.33 crore and net profit of Rs 1.79 crore for the period as on 31 December 2023. Powered by Capital Market - Live News |