United Heat Transfer shares list at 3% premium over IPO price on NSE SME platform

The shares of United Heat Transfer debuted on the NSE SME platform at a premium of 3.3% on Tuesday. The stock listed at Rs 60.95 as against an issue price of Rs 59.

Considering the upper price band of Rs 380, the stock is expected to list at a premium of 29% over the issue price.

However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly.


The net proceeds from the public offer will be used for funding of repayment of loans, working capital requirements and other general corporate purposes.

The company is engaged in the manufacture of a range of shell and tube heat exchangers, air-cooled heat exchangers, pressure vessels, and process flow skids equipment which are used as critical types of equipment for petrol and diesel engines, railway engines, maritime engines, cruse and cargo ships, ferries, pleasure boats, and marine diesels.

United Heat extends its expertise with the growing national and multinational OEM industry for heat exchangers, moisture separators, pressure vessels and process flow skids.

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It manufactures heat transfer equipment as per the TEMA (Tubular Exchanger Manufacturers Association) standards.

The electrical equipment market share in India is expected to increase from $52.98 billion in 2022 to $125 billion by 2027, implying a robust CAGR of 11.68%. The domestic electrical equipment market is expected to grow at an annual rate of 12% to reach $72 billion by 2025.

For the year ended March 2024, the company clocked total revenues of Rs 21.19 crore and net profit of Rs 2.42 crore.

Swastika Investmart acted as the lead manager to the issue and Link Intime India was the registrar.