NSE SME Dhariwalcorp makes a strong debut

The scrip was listed at Rs 150, a premium of 41.51% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 152 and a low of Rs 142.50. About 8.64 lakh shares of the company changed hands at the counter.

Dhariwalcorp's IPO was subscribed 119.08 times. The issue opened for bidding on 1 August 2024 and it closed on 5 August 2024. The price band of the IPO was set at Rs 102 to Rs 106 per share.

The IPO comprised fresh issue of 23,72,400 equity shares. The promoter and promoter group shareholding diluted to 73.50% from 99.99% pre-issue.

The company intends to utilize the net proceeds to meet working capital requirement, funding capital expenditure towards construction of warehouse and general corporate purpose.

Ahead of the Dhariwalcorp on 31 July 2024, raised Rs 6.99 crore from anchor investors. The board allotted 6.60 lakh shares at Rs 106 per share to 4 anchor investors.

Dhariwalcorp is a trading entity engaged in a comprehensive waxes, industrial chemicals, and petroleum jelly. The company offers a diverse range of products, including Paraffin Wax, Rubber Process Oil, and White Petroleum Jelly. As on 31 March 2024, the company has 7 employees.

The company recorded revenue from operations of Rs 228.80 crore and net profit of Rs 4.50 crore for the period as on 31 March 2024.