Aditya Ultra Steel shares made a strong debut on the NSE SME platform, listing at ₹69.90 per share, reflecting a 12.74% premium over the IPO price. The IPO was well-received, with the issue being subscribed nearly 10 times by the last day of bidding on September 11.
The public offer included a fresh issue of equity shares worth ₹45.88 crore. The price band for the IPO was set between ₹59 and ₹62 per share, with retail investors required to apply for a minimum of 2,000 shares, amounting to ₹1,24,000.
Founded in 2011, Aditya Ultra Steel manufactures rolled steel products, primarily TMT bars under the “Kamdhenu” brand. Their production process involves reheating billets in a furnace and using a rolling mill, supplying mainly to the construction and infrastructure sectors. The company’s manufacturing facility is located in Wankaner, Gujarat, with a production capacity of 1,08,000 MT of TMT bars. As of April 2024, the company employed 149 full-time staff.
