The scrip was listed at 117, at a premium of 19.31% compared with the initial public offer (IPO) price. The stock was currently frozen at its lower limit of 5% over its listing price.
The counter hit a high of Rs 120 and a low of Rs 111.15. About 2.80 lakh shares of the company changed hands at the counter.
Rexpro Enterprises was subscribed 16.88 times. The issue opened for bidding on 22 January 2025, and it closed on 24 January 2025. The price of the IPO was set at Rs 145 per share.
The IPO comprised a fresh issue of 32,50,000 shares and offer for sale (OFS) of 4,50,000 shares by existing shareholders. The promoter and promoter group shareholding diluted to 66.99% from 100% pre-IPO.
The company intends to utilize the net proceeds for the purchase of equipment and renovation of the factory, funding of working capital requirements of the company, pursuing inorganic growth, and for general corporate purposes.
Rexpro Enterprises specialized in meeting the manufacturing needs of furniture and fixtures for a wide range of clients. The company serves retail sectors including fashion, lifestyle, electronics, grocery, beauty, and telecom, providing tailored solutions for their furniture and fixture requirements. The company has also entered into the infrastructure sector by manufacturing sound barriers designed to control noise pollution. These sound barriers have already been successfully installed on Mumbai's flyovers. As on 30 September 2024, the company had a total employee strength of 65 employees on a permanent basis, and further 126 are on a contractual basis.
The company recorded revenue from operations of Rs 49.54 crore and net profit of Rs 4.08 crore for the period as on 30 September 2024.