Electro Force share price lists at ₹100 on NSE against issue price of ₹93
Electro Force IPO listing: Electro Force (India) made a decent debut on NSE on Wednesday, December 27. The scrip opened at ₹100, with a premium of 7.5 per cent, against the issue price of ₹93 on the NSE.
Electro Force (India) Limited IPO opened for subscription on Tuesday, December 19, and closed on Thursday, December 21. The Electro Force (India) Limited IPO price band was set at ₹93 apiece. The Electro Force IPO lot size was 1,200 shares.
Electro Force (India) Limited IPO details
The Electro Force IPO, worth ₹80.68 crore, consisted of a fresh issue of 6,000,000 equity shares worth ₹55.80 crore and an offer for sale (OFS) component, which included 2,674,800 shares with a face value of ₹10, aggregating up to ₹24.88 crore, according to RHP.
The company plans to use the net proceeds from the offering to finance its pursuit of inorganic growth, general corporate purposes, and additional working capital requirements.
The registrar of the Electro Force India IPO was Skyline Financial Services Private Ltd, and the book-running lead manager was First Overseas Capital Limited. Arham Shares was the market maker for the Electro Force India IPO.
“The main objects clause and objects incidental and ancillary to the main objects set out in the Memorandum of Association enable us (i) to undertake our existing business activities, and (ii) to undertake the activities proposed to be funded from the Net Proceeds. Further, our Company expects to receive the benefits of listing of the Equity Shares, including to enhance our visibility and our brand image among our existing and potential customers and creation of a public market for our Equity Shares in India,” the company said in its RHP.
Electro Force India Limited Review
“The company operates in a highly competitive and fragmented segment. It marked fluctuating trends in its top and bottom lines for the reported periods. Based on the annualised super earnings of FY24, the issue appears fully priced. The sustainability of such margins going forward is a major concern. There is no harm in skipping this dicey IPO,” said Dilip Davda, the contributing editor at Chittorgarh.
Also Read: Credo Brands IPO listing date today. GMP, experts signal positive debut of shares
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Published: 27 Dec 2023, 10:12 AM IST
