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NSE SME Deem Roll-Tech enjoys strong debut

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Shares of Deem Roll-Tech were quoting at Rs 210 on the NSE, a premium of 62.79% compared with the issue price of Rs 129.
The scrip was listed at Rs 200, a premium of 55% compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price.
The counter hit a high of Rs 210 and a low of Rs 190. About 15.42 lakh shares of the company changed hands at the counter.
Deem Roll-Tech's IPO was subscribed 233.90 times. The issue opened for bidding on 20 February 2024 and it closed on 22 February 2024. The price of the IPO was fixed at Rs 129 per share.
The IPO comprised fresh issue of 22,68,000 shares. The promoter and promoter shareholding diluted to 67.12% from 92.18% pre-IPO.
The company intends to utilize the net fresh issue proceeds for funding capital expenditure towards expansion of its existing manufacturing unit at Mehsana, Gujarat, funding working capital requirement and general corporate purposes.
Deem Roll-Tech manufactures its products from alloy steel, cast irons and tungsten carbides conforming to international standards. The firms manufacturing units consists of engineering & design, mold making, melting, casting, machining and dispatch sections backed by related quality testing and assurance equipment. The company has three manufacturing units, two units located in Gujarat and one unit located in West Bengal. As of 31 December 2023, the company has 275 employees.
The company recorded revenue from operations of Rs 50.07 crore and net profit of Rs 3.71 crore for the period as on 30 September 2023.
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First Published: Feb 27 2024 | 11:35 AM IST

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