NSE SME Energy-Mission Machineries makes a sizzling debut

Shares of Energy-Mission Machineries were quoting at Rs 350.30 on the NSE, a premium of 153.84% compared with the issue price of Rs 138.

The scrip was listed at Rs 366, a premium of 165.22% compared with the initial public offer (IPO) price. The stock is currently down 4.29% over its listing price.

The counter hit a high of Rs 384.30 and a low of Rs 350.30. About 15.51 lakh shares of the company changed hands at the counter.

Energy-Mission Machineries (India)'s IPO was subscribed 213.29 times. The issue opened for bidding on 9 May 2024 and it closed on 13 May 2024. The price band of the IPO was fixed between Rs 131 to Rs 138 per share.

The company intends to utilize the net proceeds to meet working capital requirements of the company, funding of capital expenditure towards civil construction work at existing manufacturing unit located Gujarat, funding of capital expenditure towards installation of new plant & machineries and general corporate purposes.

Ahead of the IPO, Energy-Mission Machineries (India) on 8 May 2024, raised Rs 11.71 crore from anchor investors. The board allotted 8.49 lakh shares at Rs 138 per share to 5 anchor investors.

Energy-Mission Machineries (India) is a manufacturer of metal forming machines used in metal fabrication across various industries. They offer CNC, NC, and conventional machines like press brakes, shearing machines, and hydraulic presses. Their products are used in automotive, construction, furniture, and more. They sell both domestically and internationally, with a presence in the USA, Europe, Africa, and the Middle East. As of March 2024, they employ 256 people.

The company recorded revenue from operations of Rs 83.28 crore and net profit of Rs 6.74 crore for the period from 1st April 2023 to 31 December 2023.

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