Atmastco stock saw a solid debut, opening at an 18.2 percent premium over the IPO price on February 23, starting at Rs 91 compared to the issue price of Rs 77 on the NSE SME platform.
Before the listing, the shares commanded a 7 percent premium in the grey market, an unofficial trading platform where shares are traded before IPO allotment and up to the listing day. Investors often track the grey market premium (GMP) to estimate the listing price.
The IPO was oversubscribed 17 times, with the retail segment oversubscribed 18 times. Open from February 15 to February 20, the IPO raised Rs 56.25 crore. It consisted of a fresh issue of 54.8 lakh shares worth Rs 42.2 crore and an offer-for-sale of 18.25 lakh shares worth Rs 14.06 crore.
The promoters of the company are Subramaniam Swaminathan Iyer, Venkataraman Ganesan, Jayasudha Iyer, and Apex Steel & Technology. Affinity Global Capital Market acted as the book-running lead manager, Cameo Corporate Services served as the registrar, and Asnani Stock Broker acted as the market-maker for the issue.
The net proceeds from the fresh issue will be utilized to meet working capital requirements, prepay and repay certain secured and unsecured loans, and for general corporate purposes.
Atmastco operates as a turnkey/EPC contractor, offering multi-disciplinary services and project management solutions in the ferrous and non-ferrous sectors. The company is also engaged in the manufacturing of various precision equipment and heavy fabrication structures for various industrial applications.
