NSE SME QVC Exports spurts on listing day

The scrip was listed at Rs 161, a premium of 87.21% over the initial public offer (IPO) price. The stock was currently frozen at its lower limit of 5% over its listing price.

The counter hit a high of Rs 162 and a low of Rs 152.95. About 6.48 lakh shares of the company changed hands at the counter.

QVC Exports' IPO was subscribed 482.06 times. The issue opened for bidding on 21 August 2024 and it closed on 23 August 2024. The price of the IPO was set at Rs 86 per share.

The issue size comprised of fresh issue of 20,49,600 and offer for sale (OFS) of 7,48,800 shares by existing promoter, Matashree Mercantile.

The promoter and promoter group shareholding diluted to 73.22% from 99.98% pre-offer.

The company intends to utilize the net proceeds to meet working capital requirement, repayment of unsecured loans and general corporate purpose.

QVC Exports is a company that deals in ferro alloys, raw materials for steel manufacturing, and exports its products to various countries. As of 31 March 2024, 82.95% of its revenue came from exports. The company imports manganese ore and manganese ore lumps from Hong Kong and France. As on 6 August 2024, the company had 15 employees on payroll basis.

The company recorded revenue from operations of Rs 445.98 crore and net profit of Rs 3.92 crore for the period as on 31 March 2024.