2 days Ago By NDTV Profit News
The initial public offering of Parmeshwar Metal Ltd., a manufacturer of copper wire and rods, is all set to open for subscription on Jan. 2.
The book-building offer is an entirely fresh issuance of 40.56 lakh shares aimed at raising Rs 24.74 crore from the primary market.
Those looking to apply on this SME issue must check out these key details before submitting their application. The subscription window for Parmeshwar Metal IPO will be open between Jan. 2 and Jan.
6. Allotment of shares in the SME IPO will be done on Jan. 7 followed by credit of shares into the demat account of successful bidders on Jan.
8. Initiation of refund for the non-allottees will also be done on Jan. 8.
Shares of Parmeshwar Metal Ltd. are proposed to be listed on the BSE SME platform on Jan. 9.
The company has reserved 50% of the net issue size for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors. Retail investors, interested in the IPO, may submit their application with a minimum lot size of 2,000 shares amounting to an investment of Rs 1,22,000. Parmeshwar Metal has appointed Beeline Capital Advisors Pvt.
Ltd as the sole book-running lead manager for its issue whereas Link Intime India Pvt. Ltd is its registrar. The market maker for Parmeshwar Metal IPO is Spread X Securities Pvt.
Ltd. Day 1 subscription status will be added soon and will be updated at regular intervals. Parmeshwar Metal IPO GMP (grey market premium) was Rs 20 apiece as of 5:04 a.
m. on Jan. 2, 2025, according to InvestorGain.
This projects a listing gain of 32.79%, with the shares likely to debut at Rs 81 on BSE SME if the current trends are sustained. Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
Parmeshwar Metal Ltd. manufactures a wide range of copper wire and rods by recycling copper scrap. Its products serve as a raw material in making power cables, wires, transformers, automotive products and household cables.
The company incorporated in 2016 has a total employee strength of 89 people on its payroll. Parmeshwar Metal Ltd. has proposed to use the net proceeds from its public offer to fund capex on setting up a manufacturing facility in Gujarat's Dehgam, as well as furnace renovation for copper melting.
The remaining money will be used for working capital requirements and general corporate purposes. Parmeshwar Metal Ltd. posted a revenue of Rs 757.
3 crore in the 7 months ending on Oct. 31 2024 with a net profit of Rs 5.7 crore.
The company's revenue grew 13% year-on-year to Rs 1,102.46 crore in FY24 from Rs 972.7 crore in the previous fiscal year.
However, Net profit during the period slipped 19% to Rs 7.2 crore in FY24 from Rs 8.8 crore in FY23.
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