• Thu. Jul 25th, 2024

Malwa company Owais Metal gave 202 percent profit to investors

ByTheCurrentScenario

Mar 6, 2024
Malwa company Owais Metal gave 202 percent profit to investors

Indore Tahir Kamaal Siddiqui Owais Metal and Mineral Processing Ltd., a reputed company of Ratlam area of Malwa. (OMMPL) IPO has received record breaking response. After listing, it gave a huge profit of 187 percent to the investors. After installation of the upper circuit, this profit increased to 202 percent, which is very encouraging. The company had offered a price of Rs 83 to Rs 87 per equity share on the SME platform of NSE. The IPO, which opened on 26 February, closed on 28 February. During this period, 2 lakh 48 thousand applications were received. Shares of the company, which deals in the field of manganese oxide, MC ferro manganese, wood charcoal manufacturing and quartz processing, were trending at Rs 70 per share in the gray market on the first day of the IPO opening. It increased to Rs 115 per share and by the end of the IPO, it reached a premium of Rs 127 per share as per the gray market. Gray market analysts called this a very positive message. According to him, considering the better prospects, there was a lot of interest from investors in this IPO. Due to this, investors were ready to pay more than the offer price. This response is very encouraging for an emerging company. It is noteworthy that Owais Metal and Mineral Processing Pvt. Ltd. of the area. IPO has been brought to raise amount of Rs 42.69 crore. Under the IPO, 49,07,200 fresh equity shares of face value of Rs 10 were offered. It received a strong response from investors, due to which this IPO was subscribed more than 221 times. The company said that the funds earned through the IPO will be used to purchase new equipment and meet the working capital needs. The company will also use this amount for smooth running of general corporate functioning and efforts to expand the business. Let us tell you that Owais Metal was started in the year 2022. Its manufacturing plant is in Meghnagar, border area of Gujarat and Rajasthan.

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