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The scrip was listed at Rs 98, a premium of 50.77% compared with the initial public offer (IPO) price. The stock was currently frozen in an upper limit of 5% over its listing price.
The counter hit a high of Rs 102.90 and a low of Rs 95. About 27.96 lakh shares of the company changed hands at the counter.
Supreme Power Equipment's IPO was subscribed 160.25 times. The issue opened for bidding on 21 December 2023 and it closed on 26 December 2023. The price band of the IPO was fixed between Rs 61 to Rs 65 per share.
The IPO comprised fresh issue of 71,80,000 shares. The promoter and promoter shareholding diluted to 57.54% from 79.37% pre-IPO.
The company intends to utilize the net proceeds to meet working capital requirements, capital expenditure requirement and general corporate purpose.
Ahead of the IPO, Supreme Power Equipment on 20 December 2023, raised Rs 12.15 crore from anchor investors. The board allotted 18.70 lakh shares at Rs 65 per share to 4 anchor investors.
Supreme Power Equipment engaged in the areas of manufacturing, up-gradation, and refurbishment of transformers ranging from power transformer, generator transformer, windmill transformer, distribution transformer, isolation transformer, solar transformer, energy efficient transformer, converter and rectifier transformer. The company has a full time 58 employees.
The company recorded revenue from operations of Rs 39.26 crore and net profit of Rs 5.03 crore for the period as on 31 July 2023.
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