Shri Hare-Krishna Sponge IPO Listings: Shares of Shri Hare-Krishna Sponge Iron were listed on Tuesday 1 July with 10% premium on NSE Emerg Platform. The company’s shares were listed at a price of Rs 64.80, which is about 10 percent more than its IPO price of Rs 59. Shri Hare-Krishna Sponge Iron has entered the stock market through SME IPO. The company’s IPO was open to bid from 24 June to 26 June.
This IPO received good response from investors and till the last day the IPO closed a total of 6.43 times. The price band of this IPO was fixed at Rs 56 to Rs 59 per share. This IPO was completely new shares, through which the company raised a total of around Rs 29.91 crore.
To invest in IPO, a minimum of 2,000 shares were to be bid, which cost around Rs 1.18 lakh. After this, investors could have further bid in the same proportion.
About company
Shri Hare-Krishna Sponge Iron was established in the year 2003. This company mainly supplies sponge iron to steel growers. The company’s manufacturing plant is set up in Silatra-Raipur in Chhattisgarh and provides its services in limited geographical areas.
The company said that it will spend a large part of the amount received from the IPO, about 23 crore rupees, a captive power plant. The plant will be set up in Siltara in Raipur and this will reduce the company’s energy cost and self -sufficiency in operation.
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