BSE SME Harshdeep Hortico makes a solid debut

Shares of Harshdeep Hortico were quoting at Rs 66.50 on the BSE, a premium of 47.78% compared with the issue price of Rs 45.

The scrip was listed at Rs 70, a premium of 55.56% compared with the initial public offer (IPO) price. The stock is currently frozen in a lower limit of 5% over its listing price.

The counter hit a high of Rs 70 and a low of Rs 66.50. About 7.50 lakh shares of the company changed hands at the counter.

Harshdeep Hortico's IPO was subscribed 68.96 times. The issue opened for bidding on 29 January 2024 and it closed on 31 January 2024. The price of the IPO was fixed at Rs 42 to Rs 45 per share.

The IPO comprised fresh issue of 42,42,000 shares. The promoter and promoter shareholding diluted to 71.72% from 97.38% pre-IPO.

The company intends to utilize the net proceeds for repayment and pre-payment, in full or part, of certain borrowings availed by the company, to meet working capital requirements and for general corporate purpose.

Harshdeep Hortico is engaged in the business of designing, developing, manufacturing and supplying of various types of pots and planters like plastic indoor planters, outdoor planters, illuminated planters, decorative planters, roto moulded planters, FIBER reinforced plastic (FRP) planters, eco series planters etc. along with related accessories like garden hose pipe & water can. As of 30 September 2023, the company has 125 employees (including semi-skilled staff) at various levels of the organization.

The company recorded revenue from operations of Rs 14.82 crore and net profit of Rs 1.77 crore for the period as on 31 July 2023.

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