Afcom Holdings made an impressive debut on the BSE SME, listing at a 90% premium over its issue price. The stock surged by 99.5% on the first day, following strong demand for its IPO which was subscribed 303.03 times.

Bumper Debut: Afcom Holdings Lists at ₹108, 90% Premium to IPO Price

Shares of Afcom Holdings made a strong debut on the BSE SME on August 9, listing at ₹205.20, a 90% premium over its IPO price of ₹108. The stock continued to surge, reaching an intraday high of ₹215.45, a gain of 99.5%.

This impressive listing follows the company's highly successful IPO, which was subscribed 303.03 times during its three-day offering period. Investors bid for 138.98 crore shares, compared to the 45.86 lakh shares available.

The Non-Institutional Investors (NII) segment saw the highest subscription at 697.88 times, followed by retail at 202.83 times, and Qualified Institutional Buyers (QIB) at 186.23 times.

The ₹78.83 crore IPO, open from August 2-6, had a price band of ₹102 to ₹108, consisting solely of a fresh issue of 68.36 lakh shares, with no offer for sale. Proceeds from the IPO will be used for capital expenditure, including leasing two new aircraft, repaying debt, working capital, and general corporate purposes.

Retail investors needed a minimum investment of ₹1,29,600 to apply, with the minimum lot size set at 1,200 shares. GYR Capital Advisors Private Limited acted as the lead manager, with Link Intime India Private Ltd as the registrar and Giriraj Stock Broking as the market maker.

Afcom Holdings, an international cargo airline based in Chennai, India, offers various cargo services globally. The company, promoted by Capt. Deepak Parasuraman, Kannan Ramakrishnan, Wg. Cdr. Jaganmohan Mathena (Retd), and Manjula Annamalai, reported revenue of ₹133.69 crore, EBITDA of ₹32.99 crore, and net profit of ₹23.10 crore for the 11 months ending February 2024. In FY23, it posted revenue of ₹84.14 crore, EBITDA of ₹19.15 crore, and PAT of ₹13.58 crore.

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