Excellent Wires And Packaging Debuts On NSE SME Platform Below Issue Price

New Delhi, Sep 19 (KNN) Excellent Wires and Packaging made its stock market debut on September 19, listing at Rs 85 on the NSE SME platform, 5.56 per cent below its initial public offering (IPO) price of Rs 90 per share.

This underwhelming start aligns with grey market expectations, where the shares had been trading without a premium prior to the official listing.

The company's Rs 12.60-crore public offering consisted of a fresh issue of 14 lakh shares. Despite the recent enthusiasm for SME IPOs, investor interest in this particular issue was relatively muted.

Over the three-day subscription period, the IPO was subscribed 20 times overall, with retail investors showing the most interest by purchasing 35 times their allotted portion.

Non-institutional investors subscribed 8 times their quota, while qualified institutional buyers (QIBs) did not participate in the offering.

Excellent Wires and Packaging, incorporated in 2021, specialises in the manufacture of various wires and wire ropes.

The company's product range encompasses Spring Steel Wire, High Carbon Wire, Galvanised Wire (GI Wire), and other wire types for diverse applications. Its offerings are broadly categorised into three segments: Brass wires & products, steel wires & products, and packaging products.

The net proceeds from the fresh issue are earmarked for several strategic initiatives. These include land acquisition and building construction, procurement of plant and machinery, fulfillment of additional working capital requirements, and general corporate purposes.

This listing adds to the growing roster of companies on the NSE's SME platform, which aims to provide smaller enterprises with access to public equity markets.

(KNN Bureau)