Shares of Unimech Aerospace and Manufacturing dropped by 9.4%, reaching Rs 1,350.4 on the BSE after a bright start on Tuesday. The stock opened at Rs 1,491 on the BSE, which was a big gain of Rs 706 or 90% above the IPO price of Rs 785. On the NSE, it started at Rs 1,460.
Unimech Aerospace raised Rs 500 crore through their IPO. This included a new issue of Rs 250 crore and an offer for sale of Rs 250 crore. The IPO was open for people to buy shares from December 23 to 26. It was very popular and got 175.31 times more bids than shares available, with 82.46 crore shares bid for against 47.04 lakh shares offered. Retail investors showed a lot of interest, subscribing 56.74 times. Meanwhile, non-institutional investors subscribed 263.78 times and qualified institutional buyers did even better at 317.63 times.
Experts suggested that investors should buy into this IPO because the company is doing well in the aerospace industry by making important parts for airplane manufacturers. Canara Bank Securities even gave a ‘subscribe’ rating, saying Unimech Aerospace shows great potential for growth and has good value for its services.
Unimech Aerospace and Manufacturing creates crucial components, such as tools for airplanes, support equipment, and parts for industries like aerospace, defense, energy, and semiconductors.
Anand Rathi Securities and Equirus Capital were the main managers for the Unimech Aerospace IPO, while Kfin Technologies handled the registration.
(Disclaimer: The opinions and recommendations of experts are their own and do not reflect the views of Niftystat.)
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