Classic Electrodes makes a strong NSE SME debut; Shares list 14.94% up from issue price

Classic Electrodes made an impressive debut on the NSE SME platform today, with its shares listed at ₹100 apiece, a 13% premium over the issue price of ₹87. After the initial surge, the stock hit its lower circuit at ₹95 by 10:00 AM. 

Classic Electrodes IPO Details

The ₹41.5 crore IPO, which opened on August 22 and closed on August 26, had seen enthusiastic participation across investor categories. 

Non-institutional investors (NIIs) led the charge with a staggering subscription of 356.75 times, followed by retail investors at 158.44 times. Even qualified institutional buyers (QIBs) showed strong interest, subscribing 84.88 times.

The company intends to use the net proceeds from the fresh issue to repay outstanding debt, fund working capital requirements, fund capital expenditure to purchase plant/machinery, and cover general corporate purposes. 

Book-running lead manager for the IPO is GYR Capital Advisors Private Limited, while Link Intime India Private Limited is the registrar. 

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About Classic Electrodes

Founded in 1997, Classic Electrodes is a manufacturer of welding electrodes and provides engineering solutions via the two production facilities located in West Bengal and Haryana. 

Their product offerings include general-purpose electrodes, low-alloy electrodes, low-hydrogen electrodes, Stainless Steel Electrodes, etc. 

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