The scrip was listed at Rs 81, at a premium of 8% compared with the initial public offer (IPO) price.
The counter hit a high of Rs 81 and a low of Rs 76.95. About 10.45 lakh shares of the company changed hands at the counter.
The initial public offer (IPO) of H.M. Electro Mech was subscribed 7.32 times. The issue opened for bidding on Friday (24 January 2025) and it closed on Tuesday (28 January 2025). The price band of the IPO is fixed between Rs 71 to Rs 75 per share.
The IPO comprises fresh issue of 26,46,400 equity shares. The promoter and promoter group shareholding will dilute to 71.15% from 97.47% pre-issue.
About 1,85,600 equity shares will be reserved for subscription by market makers to the issue. The net issue comprises of 24,60,800 equity shares. The issue and the net issue will constitute 27.00% and 25.65%, respectively of the post offer paid up equity share capital of the company.
The company intends to utilize the net proceeds to meet working capital requirements and general corporate purposes.
Ahead of the H.M. Electro Mech on Thursday, 23 January 2024, raised Rs 7.89 crore from anchor investors. The board allotted 10.52 lakh shares at Rs 75 per share to 5 anchor investors.
H.M. Electro Mech is involved in turnkey projects that encompass the supply, installation, testing, and commissioning of pumping machinery, along with comprehensive operation and maintenance services. The company has expanded its scope into electrification projects, working with Indian Railways, nationalized banks, and municipal corporations. Recently, it has ventured into EPC (Engineering, Procurement, and Construction) projects, which include laying cross-country pipelines, undertaking civil work for water supply projects, and constructing water treatment plants (WTP), pump houses, diesel generating sets, panel rooms, as well as instrumentation and PLC-SCADA systems. For these EPC projects, the company collaborates or forms joint ventures with other firms to handle the civil works. Additionally, H.M. Electro Mech is involved in the sale of products such as pumps, pipes, transformers, motors, and other electronic accessories. As of 30 September 2024, the company had 137 employees.
The company recorded revenue from operations of Rs 45.39 crore and net profit of Rs 3.33 crore for the period as on 30 September 2024.