New Delhi, Jul 1 (KNN) On July 1, Shivalic Power Control, an established electric panel manufacturer, made a striking debut on the National Stock Exchange's Small and Medium Enterprise (NSE SME) platform.

The company's shares opened at Rs 311, marking a substantial 221 per cent premium over the initial public offering (IPO) issue price of Rs 100.

The IPO, which ran from June 24 to June 26, comprised a fresh equity issue of 64.3 lakh shares. It garnered significant investor interest, achieving an oversubscription of 257.24 times.

The offering was particularly well-received across investor categories, with retail investors oversubscribing 230.14 times, qualified institutional buyers (QIBs) 170.32 times, and non-institutional investors (NIIs) 436.37 times.

Prior to the listing, the grey market had indicated a strong debut, with shares trading at a premium of Rs 225 in the unlisted market.

The grey market premium (GMP) suggested a potential listing price of around Rs 325, representing a 225 per cent increase from the upper end of the IPO price band of Rs 95-100 per share.

Shivalic Power Control, which has been operating for two decades, positions itself as a technology-driven firm emphasising quality, design, and product development.

The company plans to utilise the IPO proceeds for various purposes, including working capital requirements, capital expenditure, potential acquisitions for inorganic growth, and general corporate needs.

This impressive market debut underscores the strong investor confidence in Shivalic Power Control and reflects the current buoyancy in the Indian SME sector.

(KNN Bureau)