BSE SME Aelea Commodities soars on debut

Shares of Aelea Commodities were quoting at Rs 173.25 on the BSE, a premium of 82.37% compared with the issue price of Rs 95.

The scrip was listed at Rs 165, a premium of 73.68% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 173.25 and a low of Rs 156.75. About 24.60 lakh shares of the company changed hands at the counter.

Aelea Commodities' IPO was subscribed 182.18 times. The issue opened for bidding on 12 July 2024 and it closed on 16 July 2024. The price band of the IPO was set at Rs 91-95 per equity share.

The IPO comprised fresh issue of 53,68,800 equity shares. The promoter and promoter group shareholding diluted to 63.66% from 86.45% pre-issue.

The company intends to utilize the net proceeds for setting up of new manufacturing unit and Installation of Plant & Machinery thereon, purchase of plant and machinery at existing manufacturing unit, general corporate purpose and to meet issue related expenses.

Aelea Commodities buys and sells cashews, along with other commodities like sugar and rice. They import cashews from several African countries and sell to both businesses and consumers. The company has 48 employees as of 31 May 2024.

The company recorded revenue from operations of Rs 27.55 crore and net profit of Rs 2.80 crore for the period as on 31 May 2024.

Powered by Capital Market - Live News