Owais Metal gave huge profit on the first day

IPO Listing: The popularity of IPO continues in the Indian market. Owais Metals-Minerals Production and Processing Limited (Owais Metal and Mineral Processing Limited IPO) Of IPO The listing took place today. The company gave a bumper return of 187 percent to the investors at the time of listing. After this, the company’s shares hit upper circuit. Due to this, the profit to investors reached 202 percent on the first day. The company is listed on the Small and Medium Enterprises Board of the National Stock Exchange (NSSE).NSE SME) has taken place on the board. The IPO shares with issue price of only Rs 87 were listed at Rs 250. However, after the upper circuit of five percent or Rs 12.50 was imposed, its price reached Rs 265.50.

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When was the IPO opened?

The IPO of Owais Metals-Minerals Production and Processing Limited came to the market for retail investors on 26 February last month. The last date to apply for this was kept as 28th February. It got a very good response from investors. The IPO was subscribed more than 221 times till the last day. The company had kept the price band of IPO at Rs 83-87 per share. The company has issued 49,07,200 new shares with face value of Rs 10. Apart from this, better premium was being given on the shares of the company in the gray market also.

What is the company’s profile?

Owais Metal, which works in the metal sector, was established in 2022. The company’s manufacturing plant is in Meghnagar in Madhya Pradesh. The company is continuously focusing on expanding its business. According to the information given to the market, the company needs the money received from IPO to meet its working capital needs. Besides this, the money is also used to purchase company equipment. With this the company’s performance is expected to improve further.