New Delhi, February 19 (HS): Lithium ion battery maker Maxvolt Energy disappointed its IPO investors by making a lackluster entry in the stock market today. The company's shares were issued at a price of Rs 180 under the IPO. Today, its listing on the SME platform of the National Stock Exchange took place at the level of Rs 180 without any fluctuations. After listing, the stock fell due to selling pressure. After trading till 12 noon, the company's shares were trading at the level of Rs 178. In this way, the company's IPO investors are seen to be incurring losses on the very first day.

Maxvolt Energy's IPO was open for subscription between February 12 and 14. This IPO received an average response from the investors, due to which it was subscribed 3.23 times overall. In these, the reserve portion for qualified institutional buyers (QIBs) was subscribed 6.76 times. Similarly, the reserve portion for non-institutional investors (NIIs) got 1.45 times subscription. Apart from this, the reserve portion for retail investors was subscribed 1.97 times.

Under this IPO, 24 lakh new shares worth Rs 45.20 crore have been issued. Along with this, 6 lakh shares worth Rs 10.80 crore have been sold under the offer for sale window. The company will use the money raised through the IPO to pay off its old debt, purchase plant and machinery, meet capital expenditure requirements and for general corporate purposes. Talking about the financial position of the company, according to the claim made in the prospectus, the company had a revenue of Rs 13.92 crore in 2022-23, which increased to Rs 48.79 crore in the next financial year 2023-24. In 2022-23, the company had a net profit of Rs 28 lakh, which increased to Rs 5.21 crore in 2023-24. In the current financial year, the company has made a net profit of Rs 4.77 crore during the first half, while during this period the company had earned a revenue of Rs 41 crore.

Hindusthan Samachar / Jun Sarkar