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As on 13-Jun-2023  11:20

BSE SME Comrade Appliances makes strong debut
The scrip was listed at Rs 87, at a premium of 61.11% to the issue price. The scrip hit a high of Rs 91.35 and a low of Rs 87. About 11.76 lakh shares of the company changed hands at the counter.

The initial public offer (IPO) of Comrade Appliances was subscribed 71.92 times. The IPO opened on 31 May 2023 and it closed on 5 June 2023. The issue comprised 22,78,000 fresh equity shares with a face value of Rs 10 each. The price band was fixed at Rs 52 to Rs 54 per share.

The promoter and promoter group shareholding diluted to 69.74% post IPO from 100% pre-IPO.

The company intends to utilize the net proceeds for funding working capital requirements and general corporate purpose.

Comrade Appliances is a manufacturing company that produces air coolers and electric geysers. The company offers both original equipment manufacturing (OEM) and original design manufacturing (ODM) services. Its products are sold under the brand name Comrade. The company has a manufacturing facility in Palghar, Maharashtra. They have developed in-house capabilities in SMT lines, injection molding, sheet metal components, and testing labs.

As of 31 January 2023, the firm had 52 employees.

The company recorded a revenue from operations of Rs 26.96 crore and net profit of Rs 1.63 crore in the year ended on 31 March 2023.

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