Indifra shares debut with 11% premium on NSE SME platform

Shares of Indifra debuted on the NSE SME platform with a premium of 10.8% on Friday. The stock was listed at Rs 72 on NSE as against an issue price of Rs 65.

The public offer was subscribed 7.21 times at close, driven by retail investors, whose category was booked 12 times. Meanwhile, other investors' portion was subscribed 2.34 times.

The IPO was completely a fresh equity issue of up to 21.6 lakh equity shares, aggregating to Rs 14.04 crore.

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The company caters to various gas distribution companies for management of their gas distribution pipelines.

It started gas pipeline management services with CGSML, a leading gas distribution company and the world’s first co-operative natural gas provider, in the year 2022 with a proposition to collaborate and provide comprehensive gas pipeline management services in the Charotar region of Gujarat.

The successful execution of projects for CGMSL and Adani Gas further enhanced the company's reputation as a reliable and preferred vendor amongst gas distribution companies.

The company’s electrical appliances portfolio includes voltage stabilizers, induction cooktops, inverters, batteries, ceiling fans, domestic switch gears and distribution boards (DBs), air coolers, water heaters, modular switches, solar water heaters, air source heat pump water heaters, energy-saving fans, and room heaters.

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For the period ending June 2023, the company clocked revenues of 62 lakh and a profit of Rs 3.54 lakh. In the fiscal FY23, revenue from operations stood at Rs 10 crore and profit for the same period was at Rs 99 lakh.

The company's total borrowings at the end of fiscal year 2023 stood at Rs 38 lakh, down from Rs 50 lakh in the previous fiscal.

Net proceeds from the public offer will be used for working capital requirements, funding investments for acquisitions and other general corporate purposes.

Beeline Capital Advisors acted as the book running lead managers to the IPO, while Kfin Technologies was the registrar.