United Heat Transfer Makes Nearly Flat Debut On NSE SME
United Heat Transfer stock listed at a premium of just over 3% on the NSE SME platform on Tuesday.
Shares of United Heat Transfer Ltd. made a muted market debut, listing at a premium of just over 3% on the NSE SME platform on Tuesday. The stock listed at Rs 60.95 apiece on the NSE, against the IPO upper price band of Rs 59 per share.
Investors who bought shares in the United Heat Transfer IPO made a profit of Rs 3,900 over an investment of Rs 1,18,000, for a minimum lot size of 2,000 shares.
The stock slipped 4.9% from the opening level, to touch an intraday low of Rs 57.95 apiece on the NSE.
United Heat Transfer IPO GMP
United Heat Transfer IPO GMP was indicating a premium of Rs 17 or 28.81% over the issue price on Tuesday, before its shares were listed on the NSE SME platform.
The projected listing price of the United Heat Transfer IPO was coming at Rs 76 per share, according to InvestorGain.
GMP or grey market price is not an official price quote for the stock and is based on speculation.
United Heat Transfer IPO Details
United Heat Transfer IPO opened for bidding between Oct. 22 and Oct. 24 and received a decent response from investors.
The IPO got subscribed 83.9 times over the three days of bidding. Non-institutional investors bid for 125.12 times the shares allocated to them followed by retail investors who subscribed their quota 99.18 times.
Qualified institutional buyers oversubscribed their quota by 26.56 times.
The IPO was an entirely fresh issue of 50.84 lakh shares worth Rs 30 crore. United Heat Transfer IPO price band was fixed at Rs 56 to 59 per share.
The share allotment of the IPO was done on Oct 25. Link Intime India Pvt. Ltd. was the registrar for the issue.
United Heat Transfer IPO: Use Of Funds And Objectives
The company said that it would use the net proceeds from the issue to repay its debts and meet its incremental working capital requirements.
A portion of the funds will also be used for general corporate purposes.
About United Heat Transfer Ltd.
United Heat Transfer Ltd. is a manufacturer of equipment such as heat exchangers, pressure vessels and process flow skids. The company's products are used in petrol and diesel engines, maritime vessels, mining trucks, heavy machinery, etc.
Established in January 1995, United Heat Transfer Ltd. has two manufacturing units in Nashik, Maharashtra.
