Multibagger IPO: BSE SME stock doubles allottees money in 3 days of listing

Multibagger IPO: BSE SME stock doubles allottees money in 3 days of listing

Market


Droneacharya Aerial Innovations IPO is one of the multibagger IPOs that Indian stock market has produced in 2022. In fact, this would be more interesting to know that the BSE SME IPO has doubled its allottees money is just three days of its listing, hitting upper circuit on all three sessions. The SE SME IPO was launched this month at a price band of 52 to 54 per equity share. The SME stock listed on Dalal Street at a staggering 90 per cent premium on Friday last week and despite heavy sell off on Friday, the drone solution provider company’s stock went on to hit upper circuit and closed at 107.10 apiece levels.

The small-cap stock went on to hit upper circuit on Monday and Tuesday session as well. Droneacharya Aerial Innovations shares are currently available at 118.05 apiece levels, which is around 120 per cent higher from its issue price of 52 to 54 apiece.

Advising allottees to book partial profit, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Allottees are advised to book 50 per cent profit and fish out their investment amount. As it is an SME stock and one can’t book partial profit in it, an allottee can sold out one’s entire shareholding and once it settles down after next few sessions, they can re-enter with whatever amount they want to invest in the scrip.”

Avinash Gorakshkar said that Droneacharya Aerial Innovations stock belongs to the defense sector and it’s a drone solution company which is expected to get benefit of contactless sales that government of India is mulling to implement in online retail platforms.

Droneacharya Aerial Innovations share price history

Shares of Droneacharya Aerial Innovations were offered in its public issue this month and in three days of bidding from 13th to 15th December 2022, Droneacharya Aerial Innovations IPO received strong response from investors. The public issue was subscribed 243.70 times whereas its retail portion was subscribed 330.82 times. The SME IPO was subscribed 46.21 times in QIB category while it was subscribed 287.80 times in NII category.

The issue got listed on BSE SME exchange on Friday 23rd December 2022 at 102 apiece, giving whopping 90 per cent premium to the allottees.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.


Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.

Take the test

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less



Source link

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments