Seemax Resources debuts with shares opening 20% below IPO
Seemax Resources just made its stock market debut, but things started off a bit slow: the shares opened at ₹112.80, which is 20% below the IPO price of ₹141.
This flat start wasn't a huge surprise, since the gray market premium was basically zero.
Still, plenty of people were interested in the IPO itself, with overall subscriptions coming in at 3.6 times.
QIBs oversubscribed 17x, ₹19.74cr raised
Most of the action came from big institutional investors (QIBs), who subscribed over 17 times their share. Non-institutional and retail investors also joined in, though with lower numbers.
The company raised about ₹19.74 crore through this IPO to buy new equipment, pay off loans, and cover business expenses.
Seemax Resources has been around since 2015 and mainly provides material handling solutions for industries like logistics and automotive.