New Delhi, June 27(HS): Aakaar Medical Technologies, a seller of cosmetic products and devices, had a strong initial stock market listing at ₹75, a 4.17% premium over the IPO price of ₹72. However, selling pressure quickly caused the shares to hit the lower circuit at ₹81.25, resulting in a loss of 1.04% for IPO investors on the first day. The company’s IPO raised ₹27 crore and was open for subscription from June 20 to June 24, achieving an overall subscription of 2.28 times, with QIBs subscribing 3.51 times and NIIs 1.48 times. Retail investors subscribed 1.93 times.

A total of 3,750,400 new shares were issued with a face value of ₹10. The funds will be utilized for working capital and general corporate purposes. According to the prospectus, the company reported a net profit of ₹21.5 million in 2022-23, projected to grow to ₹28.7 million in 2023-24 and ₹60.4 million in 2024-25, with revenues increasing at a CAGR of over 37% to ₹617.6 million.

Hindusthan Samachar / Jun Sarkar