Shares of Excellent Wires and Packaging had a weak stock market debut on September 19, listing at Rs 85 per share on the NSE SME platform, a 5.56% discount to the issue price of Rs 90. The listing was in line with grey market predictions, where the shares were trading without a premium.
The company’s Rs 12.60-crore public offer involved a fresh issue of 14 lakh shares. Despite the recent retail enthusiasm in SME IPOs, this issue was less popular, being subscribed only 20 times overall. Retail investors were the most active, subscribing 35 times their allotted portion, while non-institutional investors subscribed 8 times. Qualified institutional buyers (QIBs) showed no interest in the offer.
Founded in 2021, Excellent Wires and Packaging manufactures a variety of wire products, including Spring Steel Wire, High Carbon Wire, and Galvanised Wire (GI Wire). The company plans to use the IPO funds to acquire land, build construction, purchase machinery, and meet additional working capital needs.
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Source: Moneycontrol
News Desk
