Newmalayalam Metal IPO Itemizing: Decrease circuit after flat entry, Kerala metal firm provides massive blow – INA NEWS

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 acquired greater than 50 instances the general bid. Underneath the IPO, shares have been issued at a value of Rs 90. Immediately it has entered NSE SME at Rs 90.00, which implies IPO traders didn’t get any itemizing acquire. Inside a short while, the IPO traders bought one other shock when it fell to the decrease circuit of Rs 85.50 (Newmalayalam Metal Share Value) and it closed as we speak additionally, that’s, on the finish of the primary buying and selling day, the IPO traders are in 5 % loss. .

Newmalayalam Metal IPO bought sturdy response

Numalayam Metal’s ₹41.76 crore IPO was open for subscription from December 19-23. This IPO acquired response from traders 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 traders was 87.7 instances. Underneath this IPO, 46.40 lakh new shares with face worth of Rs 10 have been issued. The funds raised by these shares shall be utilized by the corporate for technical upgradation of present manufacturing facility, growth of present photo voltaic facility for energy technology, civil development, advertising and marketing, assembly elevated working capital necessities, assembly challenge associated bills and basic 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 below the model identify “Demac Metal”. Speaking concerning the monetary well being of the corporate, it had made a internet revenue of Rs 6.73 crore within the monetary 12 months 2022, which fell to Rs 6 crore within the subsequent monetary 12 months 2023 and reached Rs 4.27 crore within the monetary 12 months 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 concerning the present monetary 12 months 2024-25, within the first half April-September 2024, it has achieved a internet revenue of Rs 5.19 crore and a income of Rs 155.34 crore.

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