NSE SME United Heat Transfer makes a gentle stock market entry

Shares of United Heat Transfer were trading at Rs 62 on the NSE, a premium of 5.08% compared with the issue price of Rs 59.

The scrip was listed at Rs 60.95, a premium of 3.31% over the initial public offer (IPO) price. The stock was currently up 1.75% compared to its listing price.

The counter hit a high of Rs 63.95 and a low of Rs 57.95. About 20 lakh shares of the company changed hands at the counter.

United Heat Transfer's IPO was subscribed 78.02 times. The issue opened for bidding on 22 October 2024 and it closed on 24 October 2024. The price band of the IPO was set at Rs 56 to Rs 59 per share.

The IPO comprised fresh issue of 50,84,000 shares. The promoter and promoter group shareholding diluted to 67.09% from 91.59% pre-IPO.

The company intends to utilize the net proceeds for repayment of loans, working capital requirements and for general corporate purpose.

Ahead of the IPO, United Heat Transfer on 21 October 2024, raised Rs 8.46 crore from anchor investors. The board allotted 14.34 lakh shares at Rs 380 per share to 6 anchor investor.

United Heat Transfer is engaged in manufacturing a range of shell and tube heat exchangers, air cooled heat exchangers, pressure vessels and process flow skids equipments which are used as critical equipments for petrol and diesel engines, railway engines, maritime engines, cruse and cargo ships, ferries, pleasure boats, marine diesels, mining trucks, megayachts, heavy engines, fishing boats, heavy trucks, freighters, trawlers, heavy haulages, power gen sets, super tankers, off highway engines etc. The company operates two manufacturing units in Nashik. As of 31 July 2024, the company had 105 employees.

The company recorded revenue from operations of Rs 21.19 crore and net profit of Rs 2.42 crore for the period as on 31 July 2024.

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