NSE SME Aditya Ultra Steel makes a decent debut

The scrip was listed at Rs 69.90, a premium of 12.74% over the initial public offer (IPO) price. The stock was currently down 5.01% over its listing price.

The counter hit a high of Rs 72 and a low of Rs 66.40. About 8.12 lakh shares of the company changed hands at the counter.

Aditya Ultra Steel's IPO was subscribed 10.22 times. The issue opened for bidding on 9 September 2024 and it closed on 11 September 2024. The price band of the IPO was fixed at Rs 59 to Rs 62 per share.

The IPO comprised fresh issue of 74,00,000 shares. The promoter and promoter group shareholding diluted to 68.76% from 97.94% pre-IPO.

The company intends to utilize the net proceeds for capital expenditure, to meet working capital requirements and for general corporate purpose.

Aditya Ultra Steel is engaged in the business of manufacturing of rolled steel product, TMT bars under the Kamdhenu brand catering mainly to the construction industry and for infrastructure development. The company design and manufacture TMT bars and sell it on B2B Basis. As on 30 April 2024, the company has 149 employees.

The company recorded revenue from operations of Rs 587.80 crore and net profit of Rs 7.92 crore for the period as on 31 March 2024.