Keep a close eye on this newly listed SME stock which jumped more than 44 per cent from its offer price!

The scrip opened at Rs 55 and closed at the 5 per cent upper circuit level of Rs 57.75.

Earthstahl & Alloys Limited is engaged in the business of manufacturing cast iron lumps and ductile iron pipe fittings. The company had started its operations of manufacturing cast iron in 2012 with one submerged electric arc furnace. In 2017 it forayed into Ductile Iron Pipes fittings segment which is used in public water supply systems as connectors of pipes.  

Later, the company built a Lost Foam-based Steel Foundry with one induction furnace and two crucibles, one 500 KG and the other 1000 KG, to produce Ductile iron pipe fittings of various dimensions, shapes and sizes for the water supply system.  

Earthstahl & Alloys Limited came out with an initial public offering of 32,40,000 equity shares of Rs.10 each, at a price of Rs 40 per equity share, aggregating to Rs 12.96 crore. The company successfully completed its public issue on January 31, 2023. Mumbai-based Hem Securities Limited, was the lead manager of Earthstahl & Alloys Limited.  

From its offer price of Rs 40, the shares of Earthstahl & Alloys jumped more than 44 per cent to close at Rs 57.57. The scrip opened at Rs 55 and closed at the 5 per cent upper circuit level of Rs 57.75.  

With this, the total number of companies listed on the BSE SME platform has reached 416. The market capitalization of 415 companies as on February 7, 2023 is Rs. 63,536 cr.  

Keep a close eye on this trending SME stock.