Innomet Advanced Materials had a strong start on the stock market today. The company’s shares listed at ₹190 on the NSE SME platform, which is 90% higher than the IPO price of ₹100.
The IPO, worth ₹34.24 crore, was available for bidding from September 11 to September 13, 2024. It was hugely popular, with the offer oversubscribed by 323.92 times. Investors placed bids for 105.34 crore shares, while only 32.52 lakh shares were available. Retail investors were particularly enthusiastic, with their portion subscribed 226.97 times. The ‘others’ category was subscribed 367.77 times.
IPO Details:
- Offer: 34.24 lakh new shares.
- Price: ₹100 per share.
- Minimum Investment: ₹1.2 lakh for 1,200 shares.
- Uses of Funds: Working capital, buying machinery, repaying borrowings, and other general expenses.
Expert Global Consultants Private Limited managed the IPO, with Prabhat Financial Services as the market maker.
About Innomet Advanced Materials:
Founded in 1984, Innomet makes metal powders and tungsten heavy alloys. They have two main divisions: Innomet Powders and Innotung. The company is ISO 9001:2015 certified and provides a range of products, including copper, bronze, and stainless-steel powders. They serve markets in the US, UK, Germany, and Japan.
Despite a 9% increase in revenue for FY 2024, the company’s profit after tax (PAT) fell by 22% compared to the previous year.
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