BSE SME Patron Exim trades flat on debut

Shares of Patron Exim were trading at Rs 26.98 at 10:01 IST on the NSE, a discount of 0.07% compared with the issue price of Rs 27.

The scrip was listed at Rs 28.4, a premium of 5.19% compared with the issue price.

So far, the scrip hit a high of Rs 28.40 and a low of Rs 26.98. At the counter, 10.68 lakh shares of the company had changed hands till now.

The initial public offer (IPO) of Patron Exim was subscribed 1.01 times. The issue opened for bidding on 21 February 2023 and it closed on 24 February 2023. The issue price was fixed at Rs 27 per share.

The IPO comprised of a fresh issue of upto 61,80,000 shares aggregating up to Rs 16.68 crore. The promoter and promoter group shareholding will dilute to 71.18% post IPO from 97.06% pre-IPO.

About 3,16,000 will be reserved for subscription by market maker to the issue. The net issue comprises of 58,64,000 equity shares. The issue and the net issue will constitute 26.66% and 25.30% respectively of the post issue paid up equity share capital of the company.

The company intends to utilize the net proceeds from the issue for long term working capital requirement and general corporate purposes

As on 22 December 2022, the company had total 9 employees in various departments.

Patron Exim is engaged in the trading and distribution of wide range of pharmaceutical raw material which is also known as APIs (Active Pharmaceutical Ingredients), industrial chemical, excipient and solvents. Presently the company's product portfolio comprises of around 150 APIs, excipient, pharma chemical & intermediates.

It is also in the trading of variety of chemicals, such as petrochemicals, dyes & pigment chemicals, paints & speciality chemical, agro chemicals, oil & refinery chemicals, foam & adhesive, plywood & laminates chemical. The range of chemicals also includes food industry & water treatment chemicals, resins & plastics chemicals, polymers and additives etc.

The company recorded a total revenue from operations of Rs 9.60 crore and net profit of Rs 1.45 crore for the period ended on 30 November 2022.

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