Owais Metal and Mineral Processing Limited witnessed a remarkable debut on the NSE SME platform today. Opening at ₹250 on NSE SME, the share price surged by 187.36% compared to the issue price of ₹87.
The IPO of Owais Metal and Mineral Processing was open for subscription from Monday, February 26, to Wednesday, February 28. The price band for the IPO was set between ₹83 to ₹87 per share, with a lot size of 1,600 shares. Investors had the option to bid for a minimum of 1,600 shares and in multiples thereof.
Owais Metal and Mineral Processing Limited is engaged in the production and processing of metals and minerals. Previously operated as a sole proprietorship under the name M/s Owais Ali Overseas, the company is now promoted by Saiyyed Owais Ali.
The company manufactures and processes products such as manganese oxide (MNO), MC Ferro Manganese, charcoal, and processes minerals like manganese ore, quartz, and ferroalloys. Its customer base includes states like Madhya Pradesh, Maharashtra, Punjab, Delhi, and Gujarat.
The IPO, valued at ₹42.69 crore, consists solely of a fresh issue of 4,907,200 equity shares with a face value of ₹10 each. The proceeds from the IPO will be utilized for general corporate purposes, working capital requirements, and the procurement of manufacturing equipment.
Gretex Corporate Services Limited is the book running lead manager for the IPO, while Bigshare Services Pvt Ltd serves as the registrar. Gretex Share Broking acts as the market maker for the Owais Metal and Mineral Processing IPO.
