Metalic Technoforge SME IPO listing: Shares list at a 13% premium to the issue price, trim gains. Details here | Stock Market News
Metalic Technoforge IPO listing: Shares of Metalic Technoforge debuted on a positive note on the NSE on Tuesday, 28 July, amid cautious market sentiment. Metalic Technoforge share price opened at ₹87, up 13% from the IPO issue price of ₹77. The SME stock pared gains and traded at ₹83.50 around 11:30 AM, 8% higher with respect to the issue price.
As per grey market sources, the stock's listing was slightly better-than-expectations, as the last grey market premium (GMP) of Metalic Technoforge shares signalled the stock could list at an 8% premium to the issue price.
The Metalic Technoforge IPO opened for public subscription on Tuesday, 21 July, and concluded on Thursday, 23 July, with an overall subscription of nearly 6 times.
The Metalic Technoforge IPO was a completely fresh issue of 64.88 lakh equity shares, to raise nearly ₹50 crore.
The company intends to use ₹30.8 crore from the net proceeds to set up its proposed manufacturing unit IV and upgrade existing facilities at its manufacturing plant in Rajkot.
Further, it wants to use ₹6.72 crore for the repayment or prepayment of certain borrowings, while the remaining funds will be used for general corporate purposes.
Metalic Technoforge produces closed-die forgings and precision-machined components such as rings, ball studs, gears, and coupling assemblies, serving both domestic and international original equipment manufacturers in sectors such as automotive, agricultural equipment, hydraulics, construction machinery, and general engineering.
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