Parmeshwar Metal will debut on the BSE SME platform on Thursday. The company's GMP was robust at Rs 44 in the grey market ahead of the listing.
Considering the upper price band of Rs 61, the stock is expected to see a listing premium of 72% over the issue price.
However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly.
The IPO, which was completely a fresh equity sale of 40.56 lakh shares, received an overwhelming response of 600 times at close, driven by over 1200 times subscription.
The funds will be allocated toward establishing a manufacturing facility in Gujarat, refurbishing a copper melting furnace, addressing working capital needs, and supporting general corporate objectives.
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