New Delhi, May 8 (KNN) Amkay Products, a manufacturer and marketer of medical devices, disposables, and other healthcare products, made a remarkable debut on the BSE SME platform on Wednesday. The company's shares were listed at Rs 104.5, a staggering 90 per cent premium over the issue price of Rs 49.5.

The strong listing performance followed an overwhelming response to Amkay Products' initial public offering (IPO), which was solely a fresh equity issue of 22.9 lakh shares. The IPO witnessed a massive oversubscription of over 700 times, indicating robust investor demand.

Prior to the listing, the company's shares were already trading with a premium of Rs 55 in the unlisted market, reflecting the anticipation surrounding the public offering.

The net proceeds from the IPO will be utilised to fund capital expenditure, working capital requirements, and other general corporate purposes, positioning Amkay Products for further growth and expansion.

Amkay Products boasts a comprehensive portfolio of over 30 products, including respiratory disease-related medical devices, surgical disposables, and home healthcare items like face masks, alcohol swabs, lancet needles, nebulisers, pulse oximeters, surgeon caps, diapers, plastic gloves, and suction machines.

The company has come a long way since its inception in 2008, when it started operations by manufacturing and supplying a single product from a rented manufacturing unit in Vasai, Mumbai. Over the years, Amkay Products has expanded its product range and shifted to larger manufacturing facilities to accommodate its growth.

The medical devices sector in India is projected to grow at a CAGR of 16.4 per cent, reaching USD 50 billion by 2030, up from an estimated USD 11 billion in 2022.

For the period ended December 2023, the company reported revenues of Rs 22.73 crore and a net profit of Rs 2.15 crore, reflecting its strong financial performance.

Hem Securities acted as the lead manager for Amkay Products' IPO, while Bigshare Services served as the registrar.

(KNN Bureau)