Comrade Appliances, a leading manufacturer of air coolers and electric geysers, made a remarkable debut in the domestic market with its IPO listing. The company, known for its original equipment manufacturing (OEM) and original design manufacturing (ODM) business model, witnessed an overwhelming response from investors.
The IPO subscription period for Comrade Appliances was open from May 31 to June 5, and it garnered a remarkable overall subscription of 77.25 times. This reflected the confidence of investors in the company’s prospects. The IPO was priced at INR 54 per share, and on its first day of trading, the shares commenced their journey at INR 87 on the BSE-SME exchange, resulting in a listing gain of around 61% for IPO investors.
The positive momentum continued as the shares surged further and closed at an upper circuit of INR 91.35, indicating strong investor interest. Notably, all the newly issued shares were successfully allotted, with no sale of shares under the Offer for Sale (OFS) window.
Comrade Appliances’ IPO received significant attention, with Qualified Institutional Buyers (QIBs) subscribing 21.86 times, Non-Institutional Investors (NIIs) subscribing 162.67 times, and Retail Investors subscribing 72.08 times. The IPO aimed to raise INR 12 crores by issuing 22.78 lakh new shares with a face value of INR 10.
The funds raised through the IPO will be utilized to meet the company’s working capital requirements and fulfill its general corporate objectives. Comrade Appliances’ strong market entry and robust listing performance highlight the confidence investors have in the brand and its products.
As Comrade Appliances continues to manufacture quality air coolers and electric geysers under its renowned Comrade brand, the successful IPO listing sets a positive tone for the company’s growth trajectory in the dynamic consumer appliances industry.
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