Electro Force IPO listing: Electro Force (India) made a decent debut on NSE on Wednesday, December 27. The scrip opened at 100, with a premium of 7.5 per cent, against the issue price of 93, on the NSE and soon rose to the level of 105. However, it lost some steam and traded at 95.20 around 10:15 am.

Electro Force (India) Limited IPO opened for subscription on Tuesday, December 19, and closed on Thursday, December 21. The Electro Force (India) Limited IPO price band was set at 93 apiece. The Electro Force IPO lot size was 1,200 shares. Electro Force (India) Limited IPO detailsThe Electro Force IPO, worth 80.68 crore, consisted of a fresh issue of 6,000,000 equity shares worth 55.80 crore and an offer for sale (OFS) component, which included 2,674,800 shares with a face value of 10, aggregating up to 24.88 crore, according to RHP. The company plans to use the net proceeds from the offering to finance its pursuit of inorganic growth, general corporate purposes, and additional working capital requirements. The registrar of the Electro Force India IPO was Skyline Financial Services Private Ltd, and the book-running lead manager was First Overseas Capital Limited. Arham Shares was the market maker for the Electro Force India IPO. “The main objects clause and objects incidental and ancillary to the main objects set out in the Memorandum of Association enable us (i) to undertake our existing business activities, and (ii) to undertake the activities proposed to be funded from the Net Proceeds. Further, our Company expects to receive the benefits of listing of the Equity Shares, including to enhance our visibility and our brand image among our existing and potential customers and creation of a public market for our Equity Shares in India," the company said in its RHP. Also Read: Electro Force India Limited Review“The company operates in a highly competitive and fragmented segment. It marked fluctuating trends in its top and bottom lines for the reported periods. Based on the annualised super earnings of FY24, the issue appears fully priced. The sustainability of such margins going forward is a major concern. There is no harm in skipping this dicey IPO," said Dilip Davda, the contributing editor at Chittorgarh. Also Read: Read all IPO-related news Livemint tops charts as the fastest growing news website in the world to know more.
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