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Solid debut! Smarten Power Systems lists at 44% premium, hits upper circuit
Smarten Power Systems shares were listed at ₹144 apiece, representing a 44 per cent premium over the issue price of ₹100 per share.
After listing, the shares gained an additional 5 per cent, surging a total of 51.2 per cent from the issue price to reach the upper circuit of ₹151.20 on the NSE SME. During the session, nearly 3.22 million shares, valued at ₹47.04 crore, were traded before trading was halted.
The Smarten Power Systems IPO listing outperformed grey market expectations. Prior to the debut, its unlisted shares were trading at around ₹115 in the grey market, indicating a grey market premium (GMP) of ₹15 or approximately 15 per cent over the issue price, according to sources tracking unofficial market activity.
Smarten Power Systems IPO Details
The Smarten Power Systems IPO comprised a fresh issue of 4 million equity shares aggregating to ₹40 crore and an Offer for Sale (OFS), with promoters Arun Bhardwaj, Rajnish Sharma, Ravi Dutt, and Tirath Singh Khaira divesting up to 1 million equity shares worth ₹10 crore.
The public offering was available for subscription from Monday, July 7, to Wednesday, July 9, at ₹100 per share, with a lot size of 1,200 shares.
The public issue received decent demand from investors, getting oversubscribed by 5.26 times by the end of the subscription period, as per NSE data. The basis of allotment for Smarten Power Systems IPO shares was finalised on Thursday, July 10.
Smarten Power Systems will not receive any proceeds from the OFS. "Each of the selling shareholders will be entitled to their respective proportion of the proceeds from the Offer for Sale, after deducting their portion of the offer-related expenses and applicable taxes," the company stated in its Red Herring Prospectus (RHP).
However, the company proposes to utilise the proceeds from the fresh issue for the purchase of movable assets for the production line of its battery manufacturing unit, repayment (in full or in part) of outstanding borrowings, and to meet working capital requirements.
The company will also use the proceeds to fund capital expenditure requirements and for general corporate purposes.
About Smarten Power Systems
Smarten Power Systems is engaged in the design and assembly of power backup and advanced solar power products, such as home UPS systems, solar inverters, solar power conditioning units (PCUs), and solar charge controllers. The company is also involved in the trading of solar panels and batteries. Currently, it operates in 23 states and 2 union territories within India, and has established a global footprint in over 17 countries, including regions in the Middle East, Africa, and South Asia.
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