Shares of Indian Emulsifiers surged to Rs 450 on the NSE, reflecting a remarkable premium of 240.91% over the issue price of Rs 132. The stock was listed at Rs 430, marking a 225.76% premium compared to its initial public offer (IPO) price. Currently, the stock is trading 4.65% higher than its listing price.
The trading volume was substantial, with the counter reaching a high of Rs 451.50 and a low of Rs 410, and approximately 18.21 lakh shares of the company exchanging hands.
Indian Emulsifiers’ IPO was a massive success, subscribed 306.66 times. The bidding for the issue was open from 13 May 2024 to 16 May 2024, with a price band set at Rs 125-132 per share. The IPO consisted of a fresh issue of 32,11,000 shares. The company plans to use the net proceeds for purchasing plant machinery, civil work, installation costs, funding working capital requirements, and general corporate purposes.
Prior to the IPO, Indian Emulsifiers raised Rs 12.01 crore on 10 May 2024, with the board allotting 9.10 lakh shares at Rs 132 per share to five anchor investors.
Indian Emulsifiers specializes in manufacturing and supplying specialty chemicals such as Esters, Amphoterics, Phosphate Esters, Imidazolines, Wax Emulsions, SMO & PIBSA Emulsifiers. As of 31 December 2023, the company employed 34 full-time staff.
For the period ending 31 December 2023, the company reported revenue from operations of Rs 48.67 crore and a net profit of Rs 6.75 crore.