Pro FX Tech IPO Listing: The shares of Pro FX Tech made a strong stock market debut on the NSE SME platform on Thursday, June 3, following a stellar demand for its initial public offering (IPO) and a firm trend in the grey market. Pro FX Tech’s share price got listed at a 9.20% premium at ₹95 apiece, as against the issue price of ₹87.
However, Pro FX Tech share price listing was below expectations. According to the grey market, Pro FX Tech IPO GMP (grey market premium) was at ₹13, signalling a nearly 15% listing pop.
After listing, Pro FX Tech share price extended gains to the day’s high of ₹99.75, a premium of nearly 14% over the issue price. At 10.05 am, Pro FX Tech shares were trading at ₹99 on NSE SME, up 13.7%.
Pro FX Tech IPO Details
The strong debut of Pro FX Tech shares aligns with the solid demand its IPO witnessed between June 26 and June 30.
At the end of the bidding period, Pro FX Tech IPO was subscribed 25.42 times, with the retail portion booked 14.09 times, the non-institutional investor (NII) portion booked 56.36 times, and the qualified institutional buyer (QIB) portion booked 22.03 times.
The ₹40 crore SME IPO of Pro FX Tech was entirely a fresh share sale of 46.32 lakh shares. The company plans to use the funds raised for repayment of certain corporate borrowings, funding capital expenditure for setting up of three new showroom cum experience centres and the remaining for meeting working capital requirements and general corporate purposes.
About Pro FX Tech
Established in 2006, PRO FX Tech is engaged in the distribution of AV (Audio-Video) products, including amplifiers & processors, turntables, audio streamers, speakers, subwoofers, sound bars, and cables.
The company is also engaged in designing and implementing customised AV solutions for home theatres, premium home automation, multi-room audio systems, and bespoke AV solutions for corporate customers.
Currently, it operates six showrooms and two experience centres across five cities in India.
Hem Securities Limited is the book-running lead manager of the PRO FX Tech IPO, while Cameo Corporate Services Limited is the registrar for the issue.
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