Ganesh Forgings debuts

DALAL STREET SPIKES

Shree Ganesh Forgings debuted at Rs 43 on the Bombay Stock Exchange (BSE), a 43 per cent premium to its IPO price. The stock after hitting the day's high of Rs 57 finally ended at Rs 43.70.

The company's public issue for 50 lakh shares at a price of Rs 30 each was subscribed 25.27 times in the retail category with the issue getting over 48,000 applications.

The IPO opened on May 18 and closed on May 24. The IPO was aimed at part-financing the company's plans to expand its forgings capacity, from 11,000 tonne to 22,880 tonne, at an estimated cost of Rs 32.50 crore.

Besides the IPO proceeds, the project is funded by a term loan of Rs 12.50 crore. The company is into the entire range of forging used in oil & gas and petrochemicals sector.

The company's presence in auto forgings is 25 per cent. Nearly 82.73 lakh shares were traded on BSE today.