ENA MSME 2024-08-20 16:54:06 <p><span style="font-size:14px"><strong>New Delhi, Aug 20 (KNN)</strong> Sunlite Recycling Industries made a strong debut on the National Stock Exchange (NSE) today, with shares trading at Rs 209.45, representing a 99.48 per cent premium over the initial public offer (IPO) price of Rs 105.</span></p> <p><span style="font-size:14px">The stock opened at Rs 199.50, 90 per cent above the IPO price, and quickly reached its upper circuit limit of 5 per cent over the listing price.</span></p> <p><span style="font-size:14px">Trading volume was robust, with approximately 7 lakh shares changing hands during the session. The stock touched an intraday high of Rs 209.45 and a low of Rs 199.50.</span></p> <p><span style="font-size:14px">The company's IPO, which ran from August 12 to August 14, 2024, was met with overwhelming investor interest, being oversubscribed 187.64 times.</span></p> <p><span style="font-size:14px">The offer comprised a fresh issue of 28,80,000 shares with a price band of Rs 100 to Rs 105 per share.</span></p> <p><span style="font-size:14px">Prior to the public offering, Sunlite Recycling Industries raised Rs 8.59 crore from anchor investors on August 9, 2024, allocating 8.18 lakh shares at Rs 105 each to seven institutional investors.</span></p> <p><span style="font-size:14px">The net proceeds from the IPO are earmarked for capital expenditure on new plant and machinery, debt repayment, and general corporate purposes.</span></p> <p><span style="font-size:14px">Following the share sale, the promoter and promoter group's stake in the company has decreased from 100 per cent to 73.53 per cent.</span></p> <p><span style="font-size:14px">Sunlite Recycling Industries specialises in manufacturing copper products, including rods, wires, earthing components, and conductors.</span></p> <p><span style="font-size:14px">As of March 31, 2024, the company reported a workforce of 38 employees and posted revenue from operations of Rs 1,166.27 crore with a net profit of Rs 8.90 crore for the fiscal year.</span></p> <p><span style="font-size:14px">The strong market response to Sunlite Recycling Industries' IPO and subsequent listing performance reflect investor confidence in the company's business model and growth prospects in the copper products manufacturing sector.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39014 https://knnindia.co.in/news/newsdetails/msme/sunlite-recycling-industries-shares-soar-on-market-debut 2024-08-20 16:54:06 knnindia.co.in