Narmadesh Brass Industries IPO listing: Shares of Narmadesh Brass Industries hit their lower circuit after a weak debut on the BSE SME on Wednesday, January 21. Narmadesh Brass Industries opened at ₹495, 3.9% lower than the issue price of ₹515. Soon after the listing, the stock plunged further to hit its 5% lower circuit of ₹470.25. The lower circuit price is down 8.7% with respect to the issue price.
The stock's listing was largely in line with expectations in the grey market. The Narmadesh Brass Industries GMP on Wednesday morning was nil, indicating the stock could have listed at par with the issue price.
Narmadesh Brass Industries operates a manufacturing unit spanning around 6,300 square metres at the Shree Ganesh Industrial Hub in Jamnagar, popularly referred to as India’s “Brass City.”
The company produces a wide range of products, including brass billets and rods, valves, plumbing and sanitary fittings, agricultural sprayer components, and customised machined parts, serving both domestic and export markets.
Narmadesh Brass IPO details
The SME IPO opened for subscription on Monday, January 12, and concluded on Friday, January 16.
The fixed price issue of ₹44.87 crore, combining a fresh issue of 7,00,800 shares for ₹36.09 crore and an offer for sale (OFS) of 1,70,400 shares for ₹8.78 crore. Thus, the total offer size was 8,71,200 shares for ₹44.87 crore.
Priced at ₹515 per share, the SME IPO saw a muted response from investors.
Share allotment was finalised on Monday, January 19, and successful bidders received the shares on Tuesday, January 20.
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