Auro Impex and Chemicals SME IPO of ₹27.06 Cr gets listed on NSE Emerge

On May 23, 2023, Auro Impex and Chemicals Limited SME IPO went public on the NSE Emerge Platform. The 3,470,400 equity shares with a face value of 10 make up the SME IPO Auro Impex & Chemicals total of up to 27.07 Crores. The issue is priced at 74 to 78 per share and the IPO opened on May 11, 2023, and closed on May 15, 2023.

Auro Impex & Chemicals IPO received 66.94 subscriptions on its final day of subscriptions. By May 15, 2023, the public issue had received subscriptions from retail investors 50.72 times, QIB investors 31.67 times, and NII investors 104.05 times. Taking into account the 66.94 times subscription, the total shared bid was 23,23,02,400, adding up to a total subscription of Rs. 1,811.96 Cr.

Madhusudhan Goenka, Managing Director of Auro Impex and Chemicals Limited said “that the company’s key stakeholders are very buoyant on this development and the funds will be utilized for planned expansion for rapid growth & development of facilities & business.”

Commenting on the debut of Auro Impex & Chemicals on NSE emerge today, Aman soni , Head of Operations ( Prudent Equity ) said “The company came out with an IPO at a very expensive valuation and hence the listing was subdued. The company is highly leveraged with debt to equity ratio closing towards 2.8x. Moreover, the public issue proceeds of the company are also proposed to be utilized towards working capital requirements.”

Commenting on the technical outlook, A R Ramachandran, Co-founder & Trainer-Tips2trades said “Not surprisingly, Auro Impex and Chemicals had a muted listing due to a current negative sentiment amongst chemical stocks coupled with the company’s high debt-equity ratio as well. Investors should book profits at current levels and wait for lower levels closer to 59-60 to evaluate buy positions for better returns.”

Auro Impex & Chemicals Ltd., an Auro Group Company founded in 1994, specialises in the production, exportation, and supply of Discharge & Collecting Electrodes, as well as internal components and replacements for Electrostatic Precipitator (ESP).

(With inputs from agencies)

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