The share price of Owais Metal and Mineral Processing Limited debuted brilliantly on NSE SME today. Owais Metal’s share price started on NSE SME at ₹250, 187.36% more than the ₹87 issue price. The subscription period for the Owais Metal and Mineral Processing IPO began on Monday, February 26 and ended on Wednesday, February 28. The IPO price range for Owais Metal and Mineral Processing was established at ₹83 to ₹87 per share. One thousand six hundred shares made up each IPO lot for Owais Metal and Mineral Processing. A minimum of 1,600 shares, as well as multiples of those, were up for grabs.
Owais Metal and Mineral Processing Limited is a company that produces and processes minerals and metals. Before the firm was formed, its promoter Saiyyed Owais Ali ran it as a company owned by himself under the name M/s Owais Ali Overseas. The firm produces and processes the following goods: charcoal, MC Ferro Manganese, manganese oxide (MNO), and minerals such ferroalloys, quartz, and manganese ore. The states to which the company exports its products include Gujarat, Madhya Pradesh, Maharashtra, Punjab, Delhi, and others.
In the grey market, an unofficial ecosystem where shares begin trading prior to the allotment in the IPO and continue to trade until the listing day, the shares were demanding a premium of 160 percent before the listing. The grey market premium (GMP) is what most investors follow in order to estimate the listing price. The impressive listing was the result of high subscriber numbers. On February 26 and 28, 221 bookings were made for the offer, with 248 subscriptions for the retail part and 329 subscriptions for the non-institutional investor’s quota. Through a new share offering of 49.07 lakh, the business was able to raise Rs 42.69 crore. The issue’s price range was set at Rs 83–87 per share. The net proceeds from the fresh offering would be used by the firm to buy machinery for production and working capital needs. The remainder will be applied to basic business needs.
The initial public offering (IPO) of Owais Metal and Mineral Processing Limited saw an important spike in shares, indicating a high level of investor interest in the company’s potential. The company’s exceptional listing price indicates confidence in its ability to thrive in the metal and mineral processing industry. But just as with any recent IPO, investors will need to keep a careful eye on the company’s performance in the upcoming months to see whether or not this early enthusiasm can be maintained.
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