NSE SME Sunlite Recycling shares dawn on a stellar trading debut

The scrip was listed at Rs 199.50, a premium of 90% over the initial public offer (IPO) price. The stock was frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 209.45 and a low of Rs 199.50. About 7 lakh shares of the company changed hands at the counter.

Sunlite Recycling Industries' IPO was subscribed 187.64 times. The issue opened for bidding on 12 August 2024 and it closed on 14 August 2024. The price band of the IPO was set at Rs 100 to Rs 105 per share.

The IPO comprised fresh issue of 28,80,000 shares. The promoter and promoter group shareholding diluted to 73.53% from 100% pre-IPO.

The company intends to utilize the net proceeds for funding capital of expenditure towards installation of new plant & machinery, repayment and/or pre-payment, in full or part, of certain borrowings availed by company and for general corporate purpose.

Ahead of the IPO, Sunlite Recycling Industries on 9 August 2024, raised Rs 8.59 crore from anchor investors. The board allotted 8.18 lakh shares at Rs 105 per share to 7 anchor investor.

Sunlite Recycling Industries is engaged in the business of manufacturing of copper rods & wires, copper earthing wires, copper earthing strips, copper conductors, copper wire bars etc. The company's product portfolio offers a diversified product range which includes variety of grades, thickness, widths and standards, in all types of copper products according to customer specifications. As on 31 March 2024, the company has 38 employees.

The company recorded revenue from operations of Rs 1,166.27 crore and net profit of Rs 8.90 crore for the period as on 31 March 2024.