Delhi, 7 October (H.S.): Shares of two newly listed companies, Om Metalogic Ltd and Vijaypdceutical Ltd, made a subdued debut on the stock market on Tuesday, disappointing their IPO investors despite steady financial performances in recent years.
Om Metalogic Drops Below Issue Price
In a weak listing on the BSE SME platform, Om Metalogic, a metal sector company, opened at ₹85 per share, one rupee below its issue price of ₹86. The stock traded within a narrow band throughout the day and eventually closed at the same opening price of ₹85.The company’s ₹22.35 crore IPO, open for subscription between September 29 and October 1, received a lukewarm response. It was subscribed 1.47 times overall, with the non-institutional investors (NII) portion getting only 0.41 times subscription and the retail investor segment subscribed 2.53 times.
Under the offer, Om Metalogic issued 25,98,400 fresh equity shares of face value ₹10 each. The funds raised will be utilised for working capital requirements and general corporate purposes.
According to the company’s prospectus, Om Metalogic’s financial health has strengthened in recent years. Its net profit rose from ₹1.10 crore in FY 2022-23 to ₹2.22 crore in FY 2023-24, and further surged to ₹4.12 crore in FY 2024-25.
Revenue grew at a compound annual growth rate (CAGR) of over 55%, reaching ₹60.41 crore in FY 2024-25.The company also reported a consistent reduction in debt — from ₹11.55 crore in FY 2022-23 to ₹10.35 crore in FY 2024-25. Reserves and surplus improved sharply from ₹2.87 crore in FY 2022-23 to ₹6.52 crore in FY 2024-25.
Vijaypdceutical Lists Flat on NSE SME Platform
Meanwhile, Vijaypdceutical Ltd, engaged in the distribution of pharmaceutical and consumer products, made a flat debut on the NSE SME platform. Its shares listed at ₹35, matching the issue price, and later touched an intraday high of ₹36.75 before slipping back to close marginally higher at ₹35.90, giving investors a nominal listing gain of 2.57%.
The company’s ₹19.25 crore IPO, also open from September 29 to October 1, witnessed modest demand, being subscribed 1.37 times overall. The NII category received 1.86 times subscription, while the retail category was subscribed just 0.89 times.
Vijaypdceutical offered 55 lakh new equity shares of ₹10 face value each, with proceeds earmarked for working capital needs and general corporate purposes.As per its prospectus, the company’s net profit has grown sharply from ₹18 lakh in FY 2022-23 to ₹1.65 crore in FY 2023-24, and further to ₹4.80 crore in FY 2024-25.
Its revenue registered a CAGR of about 98%, rising to ₹107.59 crore in FY 2024-25.The company’s debt position fluctuated during this period — from ₹25.56 crore in FY 2022-23, climbing to ₹30.04 crore in FY 2023-24, before easing to ₹21.77 crore in FY 2024-25.
Both SME listings reflect a cautious market sentiment as investors weigh valuation concerns against solid financial growth prospects in a volatile environment.
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Hindusthan Samachar / Jun Sarkar
