Discover the astonishing story behind Owais Metal and Mineral Processing IPO listing, where the stock surged a staggering 187% above its initial price! Dive into the frenzy as investors react to this incredible debut, and find out how this company’s meteoric rise is rewriting the rules of the stock market.
Owais Metal and Mineral Processing IPO
The stock market buzzed with excitement on March 4th as Owais Metal and Mineral Processing IPO stock entered the scene with an impressive debut. It wasn’t just a regular debut; the stock was listed at a jaw-dropping 187.3 percent premium over its initial public offering (IPO) price. Investors were thrilled as the stock opened at Rs 250 on the NSE SME platform, soaring from its modest issue price of Rs 87.
Must Read
Mukka Proteins IPO: Don’t Miss Out on the Hottest IPO of 2024!
Breaking: Byju’s CEO Exposes Investor Drama – Employee Salaries at Risk!
Before the much-anticipated listing, there was a buzz in the grey market, an unofficial market where shares are traded before the official listing. Here, Owais Metal and Mineral Processing IPO shares were commanding a hefty premium of 160 percent. It’s like a pre-party where everyone wants to get a glimpse of what’s to come. Investors keenly watched the grey market premium (GMP) to gauge the potential listing price, adding to the anticipation.
Strong Subscription Figures
The euphoria surrounding Owais Metal and Mineral Processing IPO wasn’t just hype; it was backed by solid subscription figures during the IPO. The overwhelming response saw the offer oversubscribed a whopping 221 times! Retail investors rushed in, subscribing 248 times, while non-institutional investors were equally enthusiastic, oversubscribing their quota 329 times between February 26th and 28th. It was like a stampede of interest, indicating the trust and confidence investors had in the company’s potential.
Utilization of Funds
Now, let’s talk about what this capital influx means for Owais Metal and Mineral Processing. The company successfully raised Rs 42.69 crore through a fresh issue of 49.07 lakh shares, priced between Rs 83-87 per share. This injection of funds isn’t just for show; it’s strategic. The company has outlined its plans to utilize these proceeds wisely. A significant portion will be channeled into acquiring equipment to ramp up manufacturing capabilities and address working capital needs. The remaining funds will be allocated for general corporate purposes, ensuring a solid foundation for future growth and stability.
Bhaarat Bulletin’s Shikha Rai, Bimal Dev, and BSE, NSE have contributed to the above report
Also Read