H.M. Electro Mech shares list at ₹81 on BSE SME, a premium of 8% from IPO price
H.M. Electro Mech shares made a decent debut on Friday, January 31, listing at ₹81 on BSE SME, a premium of 8 percent over the issue price of ₹75.
H.M. Electro Mech IPO listing: H.M. Electro Mech shares made a decent debut on Friday, January 31, listing at ₹81 on BSE SME, a premium of 8 percent over the issue price of ₹75.
H.M. Electro Mech's initial public offering (IPO), valued at ₹27.74 crore, was open for subscription from January 24 to January 28. The SME IPO price band was fixed at ₹71-75 per equity share.
Following the three days of bidding, H.M. Electro Mech IPO closed with exceptional demand, garnering 91.75 times bids. The IPO received bids for 22.57 crore shares against 24.60 lakh shares on offer. The retail investor segment was booked 95.55 times, while the non-institutional investors (NII) category was subscribed 183.65 times. Meanwhile, the Qualified Institutional Buyers quota was bid 16.01 times in the 3 days of bidding.
About the IPO
H.M. Electro Mech IPO was entirely a fresh issue of 36.99 lakh shares with no offer for sale component. Retail investors could apply with a minimum lot size of 1600 shares, requiring a minimum investment of ₹1.2 lakh.
Up to 20 percent of the issue was reserved for qualified institutional bidders, while non-institutional investors had up to 15 percent of the allocation. Retail investors got the up to 35 percent of the net issue.
H.M. Electro Mech raised ₹7.9 crore from anchor investors ahead of the IPO on January 23, 2024.
The proceeds from the fresh issue will be utilized to meet the company's working capital requirements and for general corporate purposes.
Beeline Capital Advisors Pvt Ltd is the book running lead manager of the H.M. Electro Mech IPO, while Cameo Corporate Services Limited is the registrar for the issue. The market maker for H.M. Electro Mech IPO is Spread X Securities Private Limited.
About the Company
H.M. Electro Mech Limited, established in 2003, is an infrastructure company specializing in turnkey projects, covering supply, installation, testing, and commissioning of pumping machinery, along with providing end-to-end operation and maintenance services.
The company primarily focuses on electrification projects for Indian Railways, banks, and municipal corporations. Expanding its scope, it has ventured into EPC projects, which involve laying cross-country pipelines and executing civil works for water supply initiatives, including water treatment plants, pump houses, diesel generators, panel rooms, instrumentation, and PLC-SCADA systems.
To execute the civil work component of its EPC projects, H.M. Electro Mech has partnered with other firms. In addition to project execution, the company is also engaged in the sale of products such as pumps, pipes, transformers, and motors.
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