Forge Auto International will hold a meeting of the Board of Directors of the Company on 13 November 2024Powered by Capital Market - Live

The scrip was listed at Rs 113, a premium of 4.63% over the initial public offer (IPO) price. The stock was currently down 4.87% compared to its listing price. The counter hit a high of Rs 115 and a low of Rs 107.35. About 8.78 lakh shares of the company changed hands at the counter. Forge Auto International's IPO was subscribed 32.81 times. The issue opened for bidding on 26 September 2024 and it closed on 30 September 2024. The price band of the IPO was set at Rs 102 to Rs 108 per share. The equity shares will list on NSE's SME platform. The IPO comprised fresh issue of 28,80,000 equity shares. The promoter and promoter group shareholding diluted to 73.63% from 100% pre-issue. The company intends to utilize the net proceeds to meet working capital requirement, repayment of certain borrowing availed by the company, in part or full and general corporate purpose. Ahead of the Forge Auto International on 25 September 2024, raised Rs 8.83 crore from anchor investors. The board allotted 8.18 lakh shares at Rs 108 per share to 7 anchor investors. Forge Auto International specialized in forging and manufacturing complex, safety-critical components, including big and small rings, ball studs, gear blanks, and stub axle assemblies. It serves both automotive and non-automotive sectors, including agriculture, railways, striking tools, and hydraulic parts. Its products tailored to customer specifications for various industries, including tractor, agriculture parts, railways, automobiles, commercial vehicle industry, 5th wheel industry, striking tools, hydraulic parts and castor wheel parts and other related industries. As of 31 March 2024, the company had 366 permanent employees. The company recorded revenue from operations of Rs 180.11 crore and net profit of Rs 6.68 crore for the period as of 31 March 2024. Powered by Capital Market - Live