Riddhi Display Equipments shares stumble on market debut
Riddhi Display Equipments, known for making display counters and kitchen gear in Gujarat, saw its shares list at ₹80—down 20% from the IPO price of ₹100—on the BSE SME platform.
The company's market cap started at ₹69cr but slipped further as shares dropped to ₹76 by late morning.
IPO numbers: good interest, rough start
Their SME IPO raised ₹24.68cr earlier this month and was subscribed nearly 5 times, showing solid investor interest.
Still, the stock couldn't hold up after listing and quickly hit its lower circuit.
What does Riddhi actually do?
Riddhi builds custom display counters, commercial kitchen equipment, and refrigeration units for businesses across sectors.
With the IPO funds, they're planning a new unit in Lucknow, Uttar Pradesh, and upgradation of existing facilities at Gondal, Rajkot to boost production and service.