Osel Devices Shares List At 23.78% Premium Over Issue Price
Osel Devices stock listed at Rs 198.05 apiece on the NSE, against the upper IPO price band of Rs 160 per share.
Shares of Osel Devices Ltd. debuted on the National Stock Exchange at a premium of over 23.7% over the issue price. The stock listed at Rs 198.05 apiece on NSE SME, against the upper IPO price band of Rs 160 per share.
This means investors who bought one lot of the IPO would have made a profit of Rs 30,440 against an investment of Rs 1,28,000.
Osel Devices IPO GMP
The listing price was lower than the grey market premium of the IPO, which hinted at a premium of Rs 100 on Tuesday. As per InvestorGain, the anticipated listing price of the initial public offering of Osel Devices was Rs 260.
However, investors must note that the GMP is highly speculative in nature and may not always be a true indicator of how a stock may perform.
Osel Devices IPO Details
Osel Devices IPO, a book-built issue of Rs 70.66 crore, got subscribed 194.24 times on the final day of the bidding, led by strong demand from non-institutional investors. Non-institutional investors subscribed 321.40 times the shares allocated to them. On the other hand, qualified institutional buyers subscribed their quota by 78.01 times, while retail investors bid for 206.07 times the shares allocated for them.
The IPO was an entirely fresh issue of 44.16 lakh shares, open between Sept. 16 and Sept. 19.
Mas Services Ltd. was the registrar for the issue.
Use Of Proceeds
Osel Devices said it would use the net proceeds from the issue for prepayment or repayment of certain borrowings availed by the company. The funds will also be used for meeting working capital requirements, as well as for general corporate purposes.
Osel Devices Ltd. specialises in manufacturing a wide array of LED display systems and hearing aids. Established in 2006, the company’s LED business caters to commercial applications, including advertising media, billboards, corporate boardrooms, presentations, display promotions, command centres and front signs. The company also manufactures hearing aids for people with disabilities, the elderly and individuals with chronic hearing impairments.
