The Rs 255-crore fresh issue was heavily oversubscribed by 241.22 times before the stock debuted at a 65% premium over its Rs 150 issue price. Proceeds will primarily fund capital expenditures of Rs 77.56 crore to expand manufacturing capacity in Goa and meet Rs 89.50 crore in working capital needs. Supported by FY26 profit after tax of Rs 27 crore on total income of Rs 354 crore, the company supplies specialized polymer compounds for underground pipelines, cables, and wires to markets including Egypt, Saudi Arabia, and the United States.
Key points
The company will deploy Rs 77.56 crore of the proceeds to expand production capacity at i…: The company will deploy Rs 77.56 crore of the proceeds to expand production capacity at its manufacturing facility in Goa.
Management earmarked Rs 89.50 crore from the fresh issue proceeds specifically to fulfill…: Management earmarked Rs 89.50 crore from the fresh issue proceeds specifically to fulfill operational working capital requirements.
The business serves over 190 customers worldwide, exporting specialised compounds for wir…: The business serves over 190 customers worldwide, exporting specialised compounds for wires and pipelines to nations including the United States and the United Arab Emirates.
Sources checked by our analysis pipeline: 1
The company listed at a 65% premium over the IPO price. The stock opened at Rs 244 on the BSE and Rs 248 on the NSE, against its issue price of Rs 150 per share.
The IPO, which opened for subscription on October 27 and closed on October 29, received an overwhelming response, garnering an overall subscription of 241.22 times. The non-institutional investor (NII) category was subscribed 559.20 times, while the qualified institutional buyers (QIB) portion saw 200.25 times subscription. The retail individual investor category was subscribed 128.36 times.
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The Rs 255-crore book-built issue comprised an entirely fresh issue of 1.70 crore shares. The company had fixed the price band at Rs 142-150 per share, with a lot size of 100 shares. Retail investors applying for one lot at the upper end of the price band were required to invest a minimum of Rs 15,000.
Unistone Capital Pvt. Ltd. acted as the book-running lead manager to the issue, while KFin Technologies Ltd. was the registrar.
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