SME IPO listing: Aeron Composite share price hits upper circuit after listing at a 20% premium; check details

SME IPO listing: Aeron Composite's shares debuted at 150, a 20 per cent premium after its IPO, which raised 56.10 crore. The stock surged to 157.50 during trading. The IPO saw 41 times the overall subscription, focusing on expanding production for FRP products.

Livemint, Written By Nishant Kumar
Published4 Sep 2024, 11:27 AM IST
SME IPO: Aeron Composite share price hits upper circuit after listing at a 20% premium; check details
SME IPO: Aeron Composite share price hits upper circuit after listing at a 20% premium; check details(Pixabay)

SME IPO listing: After the successful subscription of its initial public offering (IPO), shares of Aeron Composite debuted with a decent premium of 25, or 20 per cent, on NSE SME on Wednesday, September 4. Aeron Composite share price opened at 150 against the issue price of 125. The stock rose further after opening, as much as 26 per cent with respect to the issue price, to hit its upper price band of 157.50 during the session.

Aeron Composite IPO detials

The 56.10 crore Aeron Composite IPO opened for public subscription on Wednesday, August 28 and concluded on Friday, August 30. The issue, which was a fresh issue of 44.88 lakh shares, had a price band of 121 to 125 per share. The company secured 15.17 crore from anchor investors by allocating 12,14,000 equity shares at 125 per share.

Also Read | Paramatrix Technologies: Stock lists at ₹115, a mere 5% premium to IPO price

The company plans to use the net proceeds of the offering for general corporate purposes and to cover the capital expenditures necessary to establish an additional production unit.

The company saw an overall subscription of about 41 times, receiving bids for 11.6 crore shares against 28.36 lakh shares offered. The retail portion was subscribed nearly 34 times, receiving bids for about 4.8 crore shares against 14.2 lakh shares offered.

The firm produces and distributes Fiber Glass Reinforce Polymer (FRP) products, which are designed for a range of industrial applications and include FRP rods, FRP moulded gratings, and FRP pultruded items.

Also Read | ECOS Mobility IPO listing date today; GMP, experts signal strong debut of shares

For FY21, its profit after tax (PAT) stood at 2.6 crore, which rose to 3.62 crore in FY22 and 6.61 crore in FY23. In the last financial year till February 29, 2024, the company's PAT was 9.42 crore.

Revenue from operations for FY21 came at 78.82 crore, for FY22 at 108.34 crore and for FY23 at 179.38 crore. Till 29 February in FY24, the company's revenue from operations stood at 179.14 crore.

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First Published:4 Sep 2024, 11:27 AM IST
Business NewsMarketsIPOSME IPO listing: Aeron Composite share price hits upper circuit after listing at a 20% premium; check details

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