Stock market today: After a bumper subscription of QVC Exports IPO, the share price of the company made a solid debut on the NSE SME platform on Wednesday, August 28. QVC Exports share price opened at ₹161, a premium of 87.21 per cent compared to the issue price of ₹86. The stock further rose to the level of ₹162 but cooled off later to hit its 5 per cent lower price band of ₹152.95. Around 10:50 am, the stock was locked at its lower price band.
QVC Exports IPO opened on August 21 and ended on August 23. The company raised ₹24.07 crore from the fixed price issue which was a combination of fresh issue of 20.5 lakh equity shares worth ₹17.63 crore and an offer for sale (OFS) of 7.49 lakh shares aggregating to ₹6.44 crore.
The company intends to utilise the net proceeds from the issue for the repayment of unsecured loans and working capital requirements.
The issue was overall subscribed 535 times, receiving bids for 142.18 crore equity shares as against 26.57 lakh shares on the offer. The retail portion of the issue was subscribed nearly 419 times, while the ‘Other’ category saw a subscription of nearly 597 times. Share allotment was finalised on Monday, August 26.
About QVC Exports
According to the Red Herring Prospectus (RHP), the company deals in ferroalloys, including high-carbon silico manganese, low-carbon silico manganese, high-carbon ferromanganese, high-carbon ferrochrome and ferrosilicon. It also deals in raw materials for the manufacturing of steel.
According to the RHP, the company’s revenue and profit figures have been rising steadily since the financial year 2021-2022 (FY22).
For FY22, FY23 and FY24, the company’s revenue from operations stood at ₹123.10 crore, ₹207.24 crore and ₹445.99 crore, respectively. Net profit for FY22, FY23 and FY24 stood at ₹1.23 crore, ₹2.30 crore and ₹6.05 crore, respectively.
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