Supreme Power Equipment share price lists at ₹98 on NSE. SME stock hits 5% upper circuit after giving over 50% return
- Supreme Power Equipment share price listed on NSE SME platform at ₹98 per equity share, delivering over 50 epr cent listing gain to allottees
Supreme Power Equipment share price opened on NSE SME platform at a whopping 50.77 per cent premium during Friday dealings. The SME stock opened on NSE at ₹98 per share levels over the issue price of ₹61 to ₹65 per equity share.
However, Supreme Power Equipment share price didn't end after delivering over 50 per cent listing gain to the allottees as it extended its listing gains further and went on to touch intraday high of ₹102.90 apiece levels, locking-in 5 per cent upper circuit within few minutes of share listing. However, before ghitting 5 per cent upper circuit, the SME stock touched an intraday low of ₹95 per share as well.
Supreme Power Equipment IPO details
The public issue of the engineering company opened for subscribers on 21st December 2023 and bidding for the public issue ended on 26th December 2023. The engineering company had fixed its offer price at ₹61 per equity share to ₹65 per share. A bidder was allowed to apply for the book build issue in lots abd one lot of the public issue comprised 2,000 company shares.
Purva Sharegistry India Pvt Ltd was appointed as official registrar of the public issue. The net proceeds from the IPO will be utilized for capital expenditure requirements, working capital needs, and general corporate expenses. The Book Running Lead Manager to the Issue is Narnolia Financial Services Limited.
Speaking on the NSE SME IPO, Vee Rajmohan, Chairman And Managing Director of Supreme Power Equipment Limited said, “This IPO marks a significant milestone for us, and we are enthusiastic about the opportunities and growth that lies ahead. With over 29 years in the industry, we have proudly positioned ourselves as one of the leading manufacturer of power and distribution transformers in Tamil Nadu. This forthcoming step is a testament to our unwavering commitment to innovation and reliability. The net proceeds will be directed towards fulfilling our working capital requirements, funding capital expenditures, and managing general corporate expenses. We look forward to continued success in the transformer industry."
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