Shares of Narmadesh Brass Industries made a muted debut on the BSE SME platform, listing at ₹495 per share, below the IPO issue price of ₹515.
The listing price marked a decline of nearly 4 percent compared with the issue price, reflecting cautious investor sentiment on debut after the SME issue concluded with a modest subscription.
Weak Start on Listing Day
After opening at ₹495, the stock faced selling pressure during the session and moved lower to hit its lower price band of ₹470.25. The day’s trading range remained between ₹495 on the higher side and ₹470.25 on the lower side.At the time of observation, the stock was trading at ₹470.25, down 5 percent from the previous close and about 8.7 percent below the IPO issue price.
Market Capitalisation Snapshot
Based on the listing price, the company’s full market capitalisation stood at ₹145.82 crore, while the free float market capitalisation was ₹40.97 crore. The equity shares carry a face value of ₹10 each.IPO Background
The SME IPO was priced at ₹515 per share and had closed with an overall subscription of 1.25 times. Grey market indicators remained flat throughout the issue period, signalling subdued expectations ahead of the listing.Business Overview
Narmadesh Brass Industries operates in the Other Industrial Products segment and is engaged in the manufacturing of brass products. The company had stated that IPO proceeds would be used towards debt repayment, purchase of machinery, working capital requirements, and general corporate purposes.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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