Aluwind Architectural, a company specializing in aluminum products, made its market debut on the NSE SME platform on April 9, listing at Rs 45.
Contrary to the expectations seen in the grey market, where shares were commanding a premium of Rs 5, the listing of Aluwind Architectural witnessed a flat performance. The grey market facilitates unofficial, over-the-counter (OTC) trading of securities before their official listing on the exchanges.
The company’s public offer, valued at Rs 29.70 crore, consisted of a fresh issuance of 66 lakh shares. Aluwind Architectural is known for its diverse range of aluminum products, including windows, doors, curtain walls, cladding, and glazing systems, tailored to meet the specific needs of architects, consultants, builders, institutions, and corporations.
Despite the muted debut, investor interest in the Aluwind Architectural IPO remained strong, with a subscription of 8.19 times on the final day of bidding. The SME IPO received a total of 51.3 crore share applications against the offered 66 lakh shares, with the retail category contributing 33.5 crore share applications and the Non-Institutional Investor (NII) segment accounting for 16.3 crore shares.
The IPO proceeds will primarily be channeled into supporting the company’s operational necessities, while the remainder will be earmarked for general corporate expenses.
Priced at Rs 45 per share, the issue garnered Corpwis Advisors Private Limited as the book running lead manager for the Aluwind Architectural IPO, with Skyline Financial Services Private Ltd appointed as the registrar.
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