BSE SME Qualitek Labs soars on listing
29-Jan-2024
The scrip was listed at Rs 190, a premium of 90% compared with the initial public offer (IPO) price. The stock was currently frozen in an upper limit of 5% over its listing price.
The counter hit a high of Rs 199.50 and a low of Rs 190. About 13.24 lakh shares of the company changed hands at the counter.
Qualitek Labs' IPO was subscribed 56.01 times. The issue opened for bidding on 18 January 2024 and it closed on 22 January 2023. The price of the IPO was fixed at Rs 100 per share.
The IPO comprised fresh issue of 19,64,400 shares. The promoter and promoters shareholding diluted to 73.35% from 99.99% pre-IPO.
The company intends to utilize the net proceeds for funding capital expenditure towards installation of plant and machinery for existing laboratories, repayment of unsecured loan to promoter, funding of working capital requirements and general corporate purposes.
Qualitek Labs engaged in the business of provides testing, inspection, homologation, certification and consultancy services to various industries which includes automotive, defence, metals & metallurgy, environment and water, minerals, food & agriculture, pharma & healthcare. The company has 144 employees.
The company recorded revenue from operations of Rs 12.48 crore and net profit of Rs 20.09 crore for the period as on 30 September 2023.