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Business News/ Markets / Ipo/  SME IPO Shera Energy open for bidding: GMP, price, key details of the issue
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SME IPO Shera Energy open for bidding: GMP, price, key details of the issue

Shera Energy IPO: The SME issue has an issue band price of ₹55 – ₹57

Photo: ReutersPremium
Photo: Reuters

Shera Energy Limited, engaged in the manufacturing of winding wires and strips from copper, aluminium and brass, has opened its Initial Public Offering (IPO) on February 7 till February 9, 2023. The company aims to garner 35 crore through its initial share sale and shares will be listed on NSE Emerge platform. The SME IPO has an issue band price of 55 – 57.

The issue size is up to 61,76,000 equity shares out of which fresh issue will be up to 10,48,000 equity shares and OFS (offer for sale) will be up to 51,28,000 equity shares. The company plans to use the net proceeds from the IPO will be utilised to meet working capital requirements and for general corporate purposes. 

According to the market sources, shares of Shera Energy are commanding a premium i.e., GMP (Grey Market Premium) of 18 in the grey market today. The stock is expected to make its debut on February 17, 2023 on the NSE Emerge platform. NIFTY SME EMERGE Index is designed to reflect the performance of a portfolio of eligible small and medium enterprises that are listed on NSE EMERGE platform.

The company manufactures products of non-ferrous metals like copper, aluminium and brass under one roof. Holani Consultants Private Limited is the Book Running Lead Manager to the issue.

“Shera Energy has achieved good growth in its topline and bottomline in the past 18 months. Company’s PAT has increased from Rs. 5.03 cr. in FY 21 to Rs. 7 cr. in FY 22. In FY 2023, until 30th September 2022, the company has earned a net profit of Rs. 4.28 cr. On a turnover of Rs. 339.54 cr," said Manish Khanna, Co-Founder, of Unlisted Assets.

"Considering the growth plans of the company, Shera Energy may give attractive returns to the allottees in the long term," said Krishna Raghavan, Founder at Unlistedkart.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Published: 07 Feb 2023, 12:23 PM IST
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