BSE SME stock hits upper circuit after listing at 30% premium

Market


Shares of Shantidoot Infra Services Limited made a stellar debut on BSE SME exchange today. Shantidoot Infra Services Limited share price today opened at 105 apiece on BSE SME exchange, delivering around 30 per cent premium to the allottees against its issue offer of 81 per equity share. Within a hour of listing, the BSE SME stock hit upper circuit and climbed to its intraday high of 110.25 apiece, near 30 per cent higher from its issue price. Its debut price of 105 is its intraday low as well.

Shantidoot Infra Services Limited IPO details

The public issue worth 4.02 crore had opened for subscription on 6th September 2022 and it remained open for subscription till 9th September 2022. In these four days of subscription, the public issue proposed for listing on BSE SME exchange got subscribed 2.85 times whereas its retail portion was subscribed 3.33 times. Bigshare Services Pvt Ltd was appointed as official registrar of the IPO. This Bihar-based company had offered the public issue at 81 per equity share.

This initial public offering was a combination of both fresh issues and offer fo sale (OFS) as the company aimed to raise 2.01 crore via fresh issues while the rest 2.01 crore through OFS route. Hence, the had 50 per cent of its offer for sale while rest 50 per cent was a fresh issue.

Avijeet Kumar is promoter of Shantidoot Infra Services Limited and after listing, promoter’s shareholding in the company has come down from 99.60 per cent to 72.07 per cent.

As per the Red Herring Prospectus (RHP) of the IPO, this BSE SME company aims to utilise the net proceeds of the offer fo following purposes:

1] Working capital needs; and

2] General corporate requirements.

In last three financial years, this company has delivered strong financials as its total asset grew from 66.08 lakh at the end of FY20 to 3.52 crore at the end of FY22. Similarly, its net worth in this period grew from 2.81 lakh to 1.51 crore. Its net profit in this period grew from 2.81 lakh to 1.70 crore. It is based in the capital of Bihar and it has exposure in Bihar and Jharkhand. It is specialised in providing construction services to education, healthcare and hospitality sectors.

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