The shares of Lakshya Powertech Limited were listed at a 90 per cent premium to the issue price on Wednesday, October 23, marking the company's outstanding debut on the NSE SME platform.
The NSE Emerge platform listed Lakshya Powertech shares at Rs 342 each, which was 90 per cent more than the Rs 180 issue price. The stock increased in value after listing, reaching the 5 per cent upper at Rs 359.10.
Profit on listing
In the Lakshya Powertech IPO, retail applicants had to bid at least 800 shares. As soon as the stock began trading on the exchange, the primary issue's successful bidders who were given shares would have profited by at least Rs 1,29,600 (Rs 162 x 800).
3.79 lakh shares of the company changed hands on the NSE following the start of trading. The market value of the company was Rs 362.11 crore.
The #NSEBell has rung in the celebration of the listing of “Lakshya Powertech Limited”on NSE Emerge today.#NSEIndia #NSEEmerge #listing #IPO #StockMarket #ShareMarket #LakshyaPowertechLimited @ashishchauhan pic.twitter.com/n4PtHHi9qo
— NSE India (@NSEIndia) October 23, 2024
Price band and issue size
The IPO value of Lakshya Powertech was Rs 49.91 crore. There was a new issue of 27.73 lakh shares as part of the book-building issue. The price range for the IPO was set at Rs 171 to Rs 180 per share.
Lot size and minimum bid
For retail investors, a single lot size of 800 shares, or a total investment of Rs 1,44,000, was the minimum application size.
Subscription across category
Over the course of the three-day bidding period, which ran from Wednesday, October 16 to Friday, October 18, 573.46 bookings were made for the Lakshya Powertech IPO. Over 108.31 crore shares of Lakshya Powertech were bid on by investors from various categories, out of the 18.88 lakh shares that were up for grabs.
The retail investors' quota was oversubscribed by almost 590.31 times, while the non-institutional investors' (NII) quota was booked 1,118.13 times. In the QIB category, the SME issue was booked 212.17 times, and company employees placed bids for 1,11,200 shares.
Use of IPO proceeds
The business intends to prepay or repay its outstanding debts with the money raised from the public offering. The company's working capital needs and other corporate objectives will be financed in part by the IPO proceeds.