Newmalayalam Metal IPO Itemizing: Decrease circuit after flat entry, Kerala metal firm offers huge blow – #INA

Newmalayalam Metal IPO Itemizing: Shares of Numalayalam Metal, maker of galvanized pipes, tubes and sheets, had a flat entry on NSE SME as we speak. After entry it broke and got here to decrease circuit. Its IPO obtained greater than 50 instances the general bid. Below the IPO, shares have been issued at a worth of Rs 90. In the present day it has entered NSE SME at Rs 90.00, which suggests IPO buyers didn’t get any itemizing acquire. Inside a short while, IPO buyers obtained one other shock when it fell to the decrease circuit of Rs 85.50 (Newmalayalam Metal Share Value), which suggests IPO buyers at the moment are in 5 p.c loss.

Newmalayalam Metal IPO obtained sturdy response

Numalayam Metal’s ₹41.76 crore IPO was open for subscription from December 19-23. This IPO obtained a very good response from buyers and general it was subscribed 50.69 instances. On this, the share reserved for Certified Institutional Patrons (QIB) was 1.26 instances, the share for Non-Institutional Buyers (NII) was 24.63 instances and the share for retail buyers was 87.7 instances. Below this IPO, 46.40 lakh new shares with face worth of Rs 10 have been issued. The funds raised by these shares will probably be utilized by the corporate for technical upgradation of current manufacturing facility, growth of current photo voltaic facility for energy era, civil development, advertising and marketing, assembly elevated working capital necessities, assembly problem associated bills and common bills. Will do for company functions.

About Newmalayalam Metal

Numalayalam Metal manufactures galvanized pipes, tubes and sheets. It has an electrical resistance welding tube mill with a capability of 3500 tonnes in Kerala. It sells its merchandise underneath the model identify “Demac Metal”. Speaking in regards to the monetary well being of the corporate, it had made a web revenue of Rs 6.73 crore within the monetary yr 2022, which fell to Rs 6 crore within the subsequent monetary yr 2023 and reached Rs 4.27 crore within the monetary yr 2024. Throughout this era, the corporate’s income additionally fell from Rs 323.61 crore in FY 2022 and Rs 359.96 crore in FY 2023 to Rs 303.15 crore in FY 2024. Speaking in regards to the present monetary yr 2024-25, within the first half April-September 2024, it has achieved a web revenue of Rs 5.19 crore and a income of Rs 155.34 crore.

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