Stock price of these 5 recently listed IPOs hit lowest levels since debut
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Share prices of five recently listed companies Aeroflex Industries, Ideaforge Technology, IKIO Lighting, Sai Silks (Kalamandir) and Updater Services hit their respective lowest levels since market debut on the bourses on Monday.
These stocks have slipped between 3 per cent and 10 per cent on the BSE in today's intra-day trade. The stock price of Sai Silks (Kalamandir) (down 10 per cent at Rs 220.05 against issue price of Rs 222 per share) and Updater Services (down 3 per cent at Rs 276.16 against issue price of Rs 300 per share) fell below their issue price.
At 02:51 PM; these stocks were trading lower by up to 4 per cent. In comparison, the S&P BSE Sensex was down 0.60 per cent at 65,597.
Among individual stocks, Ideaforge Technologies continued quoting lower for the sixth straight trading day. The stock of drone manufacturing company was down 4.4 per cent at Rs 787.20 in intra-day trade today, and down 12 per cent in past six trading days. It has tumbled 41 per cent from its high of Rs 1,344 touched on listing day i.e. July 7, 2023. However, the stock still trades at a 17 per cent premium to its issue price of Rs 672 per share.
IdeaForge is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (UAS) market, with a market share of approximately 50 per cent in Fiscal 2022. It had the largest operational deployment of indigenous UAVs across India, with an ideaForge manufactured drone taking off every five minutes on average for surveillance and mapping as of Fiscal 2023.
For June quarter (Q1FY24), Ideaforge had reported 54.3 per cent year-on-year (YoY) drop in profit after tax (PAT) at Rs 18.86 crore. However, the company had reported a loss of Rs 54.2 crore in previous quarter (Q4FY23).
Revenues declined 2.2 per cent at Rs 97.07 crore. Ebidta margin contracted to 29.4 per cent from 55.5 per cent in Q1FY23. Given the nature and nascent stage of the drone industry in our country, the company’s business performance is not immediately comparable on a quarterly basis, Ideaforge said.
Shares of Aeroflex Industries were down 3 per cent at Rs 141 in intra-day trade. The stock has corrected 29 per cent from its high level of Rs 197.40 touched on its debut day i.e. August 31. However, it was quoting 31 per cent higher over its issue price of Rs 108 per share.
Aeroflex is a manufacturer and supplier of environment friendly metallic flexible flow solution products including braided hoses, unbraided hoses, solar hoses, gas hoses, vacuum hoses, braiding, interlock hoses, hose assemblies, lancing hose assemblies, jacketed hose assemblies, exhaust connectors, exhaust gas recirculation (EGR) tubes, expansion bellows, compensators and related end fittings collectively known as flexible flow solutions catering to global as well as domestic markets.
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