Storage Tech & Automation IPO Listing
Storage Technologies and Automation IPO Listing: The ₹29.95 crore IPO of Storage Technologies and Automation was open for subscription from April 30 to May 3. Today its shares have been listed on BSE SME.
Storage Technologies and Automation IPO Listing: Shares of rack maker Storage Technologies and Automation had a successful entry on the SME platform of BSE today. Its IPO received overall bids of more than 278 times.
Under the IPO, shares have been issued at a price of Rs 78. Today it has entered BSE SME at Rs 148.20, which means IPO investors got a listing gain of 90 percent (Storage Tech Listing Gain).
After listing the shares went up further. It jumped and reached the upper circuit of Rs 155.59 (Storage Tech Share Price), that is, the investors' money almost doubled.
However, due to profit booking, it closed at Rs 154.75 at the end of the day i.e. IPO investors are now in 98.40 percent profit.
Storage Technologies and Automation IPO got strong response
The ₹29.95 crore IPO of Storage Technologies and Automation was open for subscription from April 30 to May 3.
This IPO received a tremendous response from investors and overall it was subscribed 278.82 times.
In this, the portion reserved for Qualified Institutional Buyers (QIB) was filled 117.86 times, the share for Non-Institutional Investors (NII) was 577.02 times and the share for retail investors was 242.74 times. Under this IPO, 38.40 lakh new shares with face value of Rs 10 have been issued.
The company will use the money raised through these shares to meet working capital requirements and for general corporate purposes.
About Storage Technologies and Automation
Storage Technologies and Automation, formed in October 2010, is engaged in storage racking systems.
It manufactures metal storage racks, automated warehouses. Its products are sold to Oil & Gas, Automotive, Aerospace, Food & Beverages, Pharma, Textiles, Retail and FMCG. Its business is spread in more than 30 countries of the world.
Talking about the financial health of the company, it had made a net profit of Rs 1.18 crore in the financial year 2021. However, in the next financial year 2022, it incurred a net loss of Rs 20.49 lakh.
Then the situation improved and in FY 2023 it made a net profit of Rs 48.30 lakh. During this period, the company's revenue increased at a compound growth rate (CAGR) of more than 29 percent annually to Rs 81.37 crore.
Talking about the last financial year 2023-24, it has achieved a net profit of Rs 3.59 crore and revenue of Rs 53.17 crore in April-October 2023.