New Delhi, August 11 (HS): Seafood processing company Essex Marine made a dismal debut on the bourses Monday, delivering a sharp blow to its IPO investors as the stock plunged straight into the lower circuit within minutes of listing.

Shares were issued at ₹54 in the IPO but listed on the BSE SME platform at ₹43.20, a steep 20% discount to the issue price. Heavy selling pressure immediately after listing drove the stock down to ₹41.04, locking in the lower circuit limit and inflicting a 24% loss for investors on the very first day of trade.

The company’s ₹23.01‑crore IPO, open from August 4 to 6, drew a lukewarm market response with an overall subscription of just 2.91 times. The non‑institutional investor (NII) quota saw a modest 0.87x subscription, while the retail segment fared better at 4.95x. The offer comprised 42.62 lakh fresh equity shares (face value ₹10 each).

Proceeds from the issue are earmarked for expanding peeling capacity at its existing processing unit, establishing a ready‑to‑cook section, meeting working capital needs, and general corporate purposes.

Financially, Essex Marine reported volatile performance in recent years. Net profit slipped from ₹2.03 crore in FY 2022‑23 to ₹1.82 crore in FY 2023‑24, before rebounding sharply to ₹4.67 crore in FY 2024‑25. Revenue followed a similar up‑and‑down trajectory — ₹23.59 crore in FY23, dipping to ₹21.11 crore in FY24, then jumping to ₹39.93 crore in FY25. Debt levels also fluctuated, rising to ₹23.90 crore at the close of FY25 from ₹16.08 crore in the previous year.

The weak listing reflects muted investor appetite amid concerns over the company’s earnings consistency, debt profile, and the subdued response during the IPO subscription phase. For Essex Marine, the market journey begins under rough seas, with investors hoping for calmer waters ahead.

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Hindusthan Samachar / Jun Sarkar