NSE SME IPO Owais Metal and Mineral Processing subscribed 3.94 times

Published on Feb 26, 2024 17:06

The initial public offer (IPO) of Owais Metal and Mineral Processing received bids for 1,93,76,000 shares as against 49,07,200 shares on offer, as per NSE data as of 17:00 hours on Monday, (26 February 2024). The issue was subscribed 3.94 times.

The issue opened for bidding on Monday, (26 February 2024) and it will close on Wednesday, (28 February 2024). The price band of the IPO is fixed between Rs 83 to Rs 87 per share. The minimum order quantity is 1,600 equity shares. The equity shares will list on the NSE�s SME Platform.

The IPO comprises fresh issue of 49,07,200 shares. About 3,44,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 45,63,200 equity shares. The issue and the net issue will constitute 26.99% and 25.10% respectively of the post issue paid-up equity share capital of the company.

The company intends to utilize the net proceeds to purchase of equipment to facilitate manufacturing meet working capital requirements and general corporate purposes.

Ahead of the IPO, Owais Metal and Mineral Processing on Friday, 23 February 2023, raised Rs 11.90 crore from anchor investors. The board allotted 13.68 lakh shares at Rs 87 per share to 4 anchor investors.

Owais Metal and Mineral Processing engaged in the manufacturing and processing of various metals and minerals like manganese oxide, MC Ferro Manganese, wood charcoal, processing of minerals such as ferro alloy, quartz and manganese ore. The company has 25 employees.

The company recorded revenue from operations of Rs 39.52 crore and net profit of Rs 7.65 crore for the period as on 31 December 2023.