New Delhi, August 1 (H.S.): Sellowrap Industries, an automotive components manufacturer, debuted strongly in the stock market today, pleasing its IPO investors. Issued at ₹83, the shares listed on the NSE’s SME platform at ₹90, an 8.43% premium. Following the listing, aggressive buying pushed the stock to ₹94.50 by noon, yielding a 13.86% profit for IPO investors on day one.

The IPO raised ₹30.28 crore, open for subscription from July 25 to 29, and saw overwhelming demand with a 65.09 times overall subscription. The Qualified Institutional Buyers (QIB) portion was subscribed 18.76 times, while the Non-Institutional Investors (NII) portion reached 117.81 times. This IPO involved fresh shares totaling 3.648 million, with proceeds aimed at meeting working capital needs and general corporate purposes.

The listing slightly outperformed grey market expectations, where shares had a premium of about 6% prior. Gretex Corporate Services was the lead manager, and Purva Sharegistry India Private Limited served as the registrar.

Hindusthan Samachar / Jun Sarkar