BSE SME Popular Foundation slips on debut

The scrip was listed at Rs 37, matching the initial public offer (IPO) price. The counter hit a high of Rs 37 and a low of Rs 35.15. About 11.13 lakh shares of the company changed hands at the counter.

Popular Foundations' IPO was subscribed 8.80 times. The issue opened for bidding on 13 September 2024 and it closed on 18 September 2024. The price of the IPO was set at Rs 37 per share.

The issue size comprised of fresh issue of 53,70,000. The promoter and promoter group shareholding diluted to 73.12% from 99.99% pre-offer.

The company intends to utilize the net proceed for prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company, funding working capital requirements of the company and general corporate purposes.

Popular Foundation specializes in engineering and construction activities, providing comprehensive end-to-end solutions in the construction sector. The company caters to various verticals such as factories, educational institutions, commercial, and residential projects. The company has 86 employees.

The company recorded revenue from operations of Rs 51.81 crore and net profit of Rs 3.47 crore for the period as on 31 March 2024.