New Delhi, October 6(HS): The primary market witnessed a mixed yet upbeat start on Monday as newly listed companies MPK Steels Ltd. and Manas Polymers & Energies Ltd. made their stock market debuts, delivering healthy gains to IPO investors on listing day.
MPK Steels Hits Upper Circuit After Flat Opening
Shares of MPK Steels Ltd., a manufacturer of structural steel products, began trading with a slight uptick before locking at the upper circuit soon after listing. Issued at ₹79 per share under its SME IPO, the stock debuted at ₹80 — a 1.2% premium — on the BSE SME platform. Strong investor interest drove the stock higher to its upper circuit level of ₹84 within hours of listing, offering an immediate return of 5% to IPO investors.
The company’s ₹25.74 crore IPO, open for subscription between September 26 and 30, received a moderate response, being subscribed 1.54 times overall. The Qualified Institutional Buyers (QIB) segment was subscribed 19.95 times, while the Non-Institutional Investors (NII) and Retail segments saw lower participation at 0.65 and 0.58 times, respectively.Under the IPO, 32,57,600 new equity shares with a face value of ₹10 each were issued. The funds raised will be used for working capital requirements and other general corporate purposes.
Financially, the company has reported steady growth over the past three years. Net profit rose from ₹1.81 crore in FY 2022–23 to ₹3.11 crore in FY 2023–24, reaching ₹6.05 crore in FY 2024–25. Total revenue also increased to ₹208.03 crore in FY 2024–25 from ₹138.85 crore two years earlier.Borrowings stood at ₹14.54 crore at the end of FY 2022–23, decreased to ₹13.94 crore the following year, and then rose to ₹18.48 crore by the close of FY 2024–25. The company’s reserves and surplus also strengthened, advancing from ₹11.61 crore in FY 2022–23 to ₹17.31 crore in FY 2024–25.
Manas Polymers Makes Strong Entry With 90% Listing Premium
In contrast, Manas Polymers & Energies Ltd. made a stunning market entry with its shares listing at a significant premium. The company, engaged in food and beverage packaging solutions, listed on the NSE Emerge platform at ₹153.90 per share — a whopping 90% premium over its issue price of ₹81.
Following initial profit booking, the stock eased slightly and was trading at ₹146.20 as of 2 p.m.Manas Polymers’ ₹23.52 crore IPO, which also opened from September 26 to 30, witnessed an overall subscription of 1.24 times. The QIB segment drew strong interest at 6.66 times subscription, while the NII and retail investor portions recorded lower participation at 1.78 times and 0.19 times, respectively.
The issue comprised 29.04 lakh new shares with a face value of ₹10 each. The IPO proceeds will be utilized for setting up a solar power plant, acquiring fixed assets, meeting working capital needs, and general corporate purposes.
According to its prospectus, the company’s financial health has shown consistent improvement. Net profit surged from ₹79 lakh in FY 2022–23 to ₹1.70 crore in FY 2023–24, before climbing to ₹4.29 crore in FY 2024–25. Its revenue grew at a compound annual growth rate (CAGR) exceeding 65%, reaching ₹33.06 crore by FY 2024–25.
Both listings reflect continued investor enthusiasm for SME IPOs, with the segment witnessing robust activity despite broader market volatility.
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Hindusthan Samachar / Jun Sarkar
