New Delhi, June 23(HS): Shares of Patil Automation debuted on the stock market today, delighting IPO investors. Issued at ₹120, the shares listed on the NSE’s SME platform with a remarkable gain of 29.17 percent, reaching ₹155. They surged further to the upper circuit level of ₹162.75, providing early investors with a 35.63 percent profit. The company’s IPO, valued at ₹69.61 crore, was open for subscription from June 16 to June 18 and attracted substantial investor interest, achieving an overall subscription of 101.42 times. The qualified institutional buyers (QIB) portion was subscribed 82.92 times, the non-institutional investors (NII) portion reached 258.18 times, and the retail investor portion was subscribed 44.77 times.

A total of 5,800,800 shares with a face value of ₹10 were issued. Proceeds from the IPO will finance a new manufacturing facility, repay debts, and support working capital needs. According to the prospectus, Patil Automation’s financial health is improving, with expected net profits increasing from ₹4.20 crore in 2022-23 to ₹11.70 crore in 2024-25, alongside a revenue CAGR exceeding 21 percent.

Hindusthan Samachar / Jun Sarkar