Chennai, Oct 2024
OBSC Perfection Limited IPO listing today, 29th Oct. 2024: OBSC Perfection Limited IPO listing today: Shares of OBSC Perfection Limited, a precision metal component, debuted on the NSE SME platform at ₹110 per share, showing a strong performance. The stock soon locked in upper circuit at ₹115.50 in early trading buoyed by strong buying interest from investors.
Following the listing, OBSC Perfection Limited shares climbed 15.5% to reach ₹115.5, hitting the upper circuit limit.
According to Saksham leekha, Managing Director of OBSC Perfection Limited, the enthusiastic response to OBSC Perfection’s IPO underscores confidence in the company’s potential for growth in the precision engineering sector. Despite the IPO receiving a moderate response, OBSC Perfection’s strong operational framework and growth potential in manufacturing helped draw investor interest post-listing. However, Saksham also highlighted that while the company’s fundamentals are solid, OBSC Perfection faces a highly competitive market, particularly in sectors dependent on precision engineering.
“Investors should note that OBSC’s clear growth plan and strategic investments in capital equipment and operational expansion position it well. We advise investors to consider a medium- to long-term view for OBSC’s stock, particularly as the company looks to scale operations in its Pune and Sriperumbudur facilities,” added Uday Narang, Chairman of Anglian Omega Group.
The initial public offering price band was set between ₹95 and ₹100, with a lot size of 1,200 shares. The IPO received a good market reception with a total subscription of 16.5 times, at an overall weak market sentiment. During October, FIIs have sold stocks worth over $11bn.
OBSC Perfection IPO Details
OBSC Perfection’s IPO featured a fresh issue of 66,02,400 equity shares at an issue price of ₹100 per share. The company aims to deploy the IPO proceeds to expand its manufacturing capacity, in Unit III, Sriperumbudur, Tamil Nadu, and support further investments in Unit IV, Pune, Maharashtra. Additionally, the proceeds will be used to meet working capital needs and other general corporate purposes.
Bigshare Services Pvt Ltd served as the registrar for the IPO, while Unistone Capital Pvt Ltd was the lead book-runner for the offering. R.K. Stock Holding has taken on the role of market maker for the issue.
OBSC Perfection Limited is well-poised for its next phase, with anticipated growth supported by expanded manufacturing capabilities and robust demand across sectors. Investors are encouraged to keep a close watch on this newly listed stock as it unfolds its strategic growth initiatives.