Patil Automation shares list at 29% premium, outperform IPO GMP forecasts

Patil Automation IPO listing today: Shares of welding and line automation solutions provider Patil Automation made a positive D-Street debut on June 23, following the completion of its initial public offering (IPO). Patil Automation shares listed at ₹155 per share on the NSE SME, reflecting a premium of ₹35 or 29.17 per cent over the issue price of ₹120 per share.

 

With this listing, the investors who were allotted the company's shares during the IPO made a profit of ₹35 per share or ₹42,000 per lot (1,200 shares).

 

Patil Automation IPO listing outperformed the the grey market estimates. Ahead of their market debut, the unlisted shares of Patil Automation were quoted trading at ₹151 per share, reflecting a grey market premium (GMP) of 25.83 per cent over the issue price.

 

Patil Automation IPO

Patil Automation IPO, valued at around ₹69.61 crore, comprises entirely a fresh issue of 5.80 million shares with no offer for sale (OFS) component. The issue was available from 16 June till 18 June, with a price band of ₹114–120 apiece and a lot size of 1,200 shares.

 

Patil Automation IPO received an overwhelming response from investors, getting oversubscribed by 101.4 times. The company set the issue price at ₹120 per share.

 

Patil Automation will utilise the proceeds from the public offering for funding capital expenditure towards setting up a new manufacturing facility and repayment of a portion of certain borrowings availed by the company. The company will also use the proceeds for general corporate purposes.

 

Purva Sharegistry India serves as the registrar for the public issue of Patil Automation, while Seren Capital acted as the sole book-running lead manager.

About Patil Automation

Established in 2015, Patil Automation specialises in welding and line automation solutions. The company has five operational facilities across India, including two in Pune, and offers comprehensive automation services. Patil Automation designs, manufactures, and installs customised automation systems, including robotic welding, assembly lines, and special-purpose machinery. The company's product portfolio includes robotic welding systems, spot welding systems, and automated assembly lines.