Strong Debut: Agarwal Toughened Glass lists at ₹135, premium of 25% to IPO price

Agarwal Toughened Glass IPO Listing: Agarwal Toughened Glass made a strong debut on the bourses Thursday, December 05, 2024, as the stock got listed at ₹135 apiece on NSE SME, a premium of 25% to the issue price of ₹108. Following the strong debut, the stock surged further to ₹138, 28% higher than the IPO price.

The ₹62.64 crore IPO was open for subscription between November 28 and December 02, at a price band in the range of ₹105–108 per share. The IPO is a completely fresh issue of 58 lakh equity shares.

The issue was overall subscribed to 9.89 times. The issue received a decent response from non-institutional buyers, whose portion set was subscribed to 15.17 times, and a healthy response from retail investors, whose portion set was subscribed to 10.71 times. The qualified institutional buyers (QIBs) portion was subscribed to 4.49 times, as per the exchange data.

The company plans to use the net proceeds from the issue for several purposes, including purchasing machinery for its existing manufacturing unit, repaying certain borrowings, meeting additional working capital needs, and covering general corporate expenses.

About Agarwal Toughened Glass

The company specialises in the production of toughened glass by processing various types of float glass into value-added products. It offers a range of thickness and size options for toughened glass, including laminated, frosted, tinted, reflecting, clear, and double-glazed variants.

Toughened glass is widely used in applications requiring strength and safety, such as architectural elements, residential and commercial interiors, hospitals, airports, shopping centers, and industrial purposes.

Its operations focus exclusively on the Indian market, catering to industries like construction, automotive, and industrial sectors. Orders are fulfilled based on specifications provided by clients and handled by a sales and marketing team with expertise in the glass industry.

In terms of financial performance, the company reported revenue of ₹40.50 crore for FY24, nearly unchanged fromRs 40.60 crore in FY23. However, net profit saw a sharp rise, surging by 795.66% to ₹8.69 crore in FY24, compared to ₹0.97 crore in FY23.

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