Synopsis
Unimech Aerospace and Manufacturing shares dropped 9.4% to Rs 1,350.4 on the BSE after a strong debut. The stock listed at Rs 1,491 on BSE, reflecting a 90% premium over its IPO price of Rs 785. The company’s Rs 500-crore IPO was oversubscribed by 175.31 times, with strong demand from retail, non-institutional, and institutional investors. ETMarkets.com Unimech Aerospace stock price: Unimech Aerospace and Manufacturing is an engineering solutions providers Shares of Unimech Aerospace and Manufacturing fell 9.4% to Rs 1,350.4 on the BSE after their strong debut on the exchanges on Tuesday. The stock debuted at Rs 1,491 on the BSE, with a premium of Rs 706 or 90% over the IPO price of Rs 785. On NSE, the shares debuted at Rs 1,460.
The Rs 500-crore IPO of high-precision engineering solutions provider Unimech Aerospace, comprising a fresh issue of Rs 250 crore and an offer-for-sale of Rs 250 crore, was open for subscription during December 23-26.
The company’s IPO received an overall subscription of 175.31 times as it attracted bids for 82.46 crore equity shares against 47.04 lakh shares on the offer.
The retail investors portion was subscribed 56.74 times, while the non institutional investors subscribed by 263.78 times. Meanwhile, the qualified institutional buyers category was booked 317.63 times.
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Analysts had recommended subscribing to the IPO, highlighting the company’s strong position in the aerospace sector due to its focus on manufacturing critical components for global original equipment manufacturers (OEMs).
“Unimech Aerospace’s IPO presents an appealing opportunity for investors in the engineering and aerospace sectors, given its competitive valuation metrics and growth prospects,” said Canara Bank Securities while assigning a subscribe rating to the stock
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