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Business News/ Markets / Stock Markets/  Stellar Market Entry: Thaai Casting lists at 186, 141% premium to IPO price
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Stellar Market Entry: Thaai Casting lists at ₹186, 141% premium to IPO price

Thaai Casting makes robust debut on bourses at ₹185.90, soaring to ₹195.15 IPO oversubscribed 345.85 times, with strong response from retail and non-institutional buyers. Firm specializes in precision machining of automobile parts.

In terms of financials, the company reported revenue of ₹2,048.70 lakhs in FY21, which improved to ₹3,841.94 lakhs in FY22 and further to ₹4,911.64 lakhs in FY23. (Pixabay)Premium
In terms of financials, the company reported revenue of 2,048.70 lakhs in FY21, which improved to 3,841.94 lakhs in FY22 and further to 4,911.64 lakhs in FY23. (Pixabay)

Thaai Casting share price made a strong debut on the bourses today, February 23, 2024, as the stock open at 185.90 apiece on NSE SME, a premium of 141.55% to the issue price of 77. The stock surged further to hit an intraday high of 195.15 apiece.

The 47.20 crore SME IPO was open for subscription between February 15 and February 20, with a price band in the range of 73–77 per share. The IPO comprises a fresh issue of equity shares worth 61.3 lakh shares. 

Also Read: Juniper Hotels IPO: GMP, subscription status to review. Should you apply?

The issue was overall subscribed to 345.85 times. The issue received a stellar response from retail investors whose portion set was subscribed to 467.94 times and a solid response from non-institutional buyers whose portion set was subscribed to 960 times. The qualified institutional buyers (QIBs) portion was subscribed to 76 times, according to data on Trendlyne.

The company plans to use the net proceeds from the issue for capital expenditure and general corporate purposes.

Also Read: Reddit announces IPO plans, strikes $60 million deal with Google for AI training

Thaai Casting Limited is an automobile auxiliary firm that specialises in precision machining of ferrous and non-ferrous materials, induction heating and quenching, and high-pressure die casting.

Its business model is firmly rooted in a B2B approach, catering to leading entities in the automotive components sector. The company's product portfolio encompasses a diverse range of automobile components, including engine mounting support brackets, transmission mounts, fork shaft and housing, armature, steering wheel, electrical connectors, YFG base frame (right-hand drive side/Left-hand drive side), housing, top cover, and more.

Also Read: Bharat Highways Invit IPO: Price band set at 98-100 per share; issue details here

In terms of financials, the company reported revenue of 2,048.70 lakhs in FY21, which improved to 3,841.94 lakhs in FY22 and further to 4,911.64 lakhs in FY23. 

Similarly, the profit after tax (PAT) followed a similar upward trend, rising from 40.33 lakhs in FY21 to 115.40 lakhs in FY22, and further to 503.71 lakhs in FY23. In H1FY24, the company reported revenue of 4,848.91 lakhs and a PAT of 860.93 lakhs.

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.

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Published: 23 Feb 2024, 10:04 AM IST
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