Maharaja & Speedex SME shares hit upper circuit post 34% listing gains on debut day

As per the latest business developments, Shares of Maharaja & Speedex India hit the 5 percent upper circuit limit on Friday after making a 34 percent gain on their stock-exchange debut debut.

The stock quoted at Rs 262.50 per share on the BSE SME platform, up 5 percent from its IPO price and at its highest permissible trading limit for the session.

Shares of the firm had listed at Rs 250 per share, a premium of 34 percent over the offering price.

The Maharaja & Speedex India IPO was valued at Rs 80.13 crore. The offering comprised a fresh offering of 34.46 lakh shares worth Rs 64.10 crore and an offer for sale (OFS) of 8.62 lakh shares valued at Rs 16.03 crore.

The IPO was offered in a price range of Rs 177-186 per share, with a lot size of 600 shares.

The offering was subscribed 32.41 times overall. It received 19.65 times subscription from individual market participants, 48.82 times from qualified institutional buyers (QIBs), excluding the anchor portion, and 40.32 times from non-institutional market participants (NIIs).

In the grey market, the Maharaja & Speedex India IPO was commanding a premium of 15 percent.