MVK Agro Food Product’s share price experienced a lackluster debut on the NSE SME platform today. The stock opened at ₹79, marking a 34.17% decline from its issue price of ₹120. Despite the weak start, the shares quickly reached the 5% upper circuit limit.
The MVK Agro Food Product IPO was open for subscription from Thursday, February 29, to Monday, March 4. The IPO’s price band was set at ₹120 per share, with a lot size of 1,200 shares. Investors could bid for a minimum of 1,200 shares and in multiples thereof.
Specializing in sugar production, by-products utilization, and power generation, MVK Agro Food Product Limited is based in the Nanded District of Maharashtra and aims to raise ₹65.88 crore through this IPO.
The net proceeds from the IPO will primarily be utilized for establishing a greenfield unit in Nanded, Maharashtra. Additionally, funds will be allocated for manufacturing ethanol, generating and bottling bio-CNG and fertilizer, as well as covering general corporate expenses.
Horizon Management Private Limited serves as the book running lead manager for the MVK Agro Food IPO, with Mas Services Limited acting as the registrar for the issue. Nikunj Stock Brokers is the market maker for the MVK Agro Food IPO.
