Storage Technologies stock lists with 90% premium on BSE SME platform
The IPO, which was completely a fresh equity issue of 38 lakh shares, received a bumper response from investors with an overall subscription of over 200 times at close.
The of and Automation listed on the with a of 90% on Wednesday. The stock debuted at Rs 148.2 as against an issue price of Rs 78.Ahead of the listing, the company's shares traded with a premium of Rs 50 in the unlisted market.
The , which was completely a fresh equity issue of 38 lakh shares, received a bumper response from investors with an overall subscription of over 200 times at close.
The net proceeds from the public offer will be used for working capital requirements and other general corporate purposes.
The company specialises in the design, manufacturing, and installation services of , and other storage solutions.
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Storage Technologies said it is committed to provide innovative, efficient solutions for diverse , catering to a wide range of industries each with its own specific storage and logistical requirements, which includes oil and gas, automotive components and aerospace, food and beverages and cold storage, pharmaceutical, textile, retail, FMCG and others.
The company offers its clients a wide variety of display and storage racks for commercial as well as industrial purposes. These are manufactured using qualitative raw materials, which helps in ensuring the durability and optimum strength of the finished products.
It also uses different grades of mild steel, powder for powder coating, epoxy, enamel paints and plastic for packaging as raw
material.
The India and Middle East and Africa (MEA) is evaluated to stand at $1,225.5 million in 2023 and is projected to grow at a CAGR of 8.5% during the forecast period. The market will reach $2,768.9 million by the end of 2033.
acted as the book-running lead manager of the Storage Technologies, while was the registrar
Source: Stocks-Markets-Economic Times
