Goyal Salt, a company known for refining raw salt into industrial and edible salts, made an impressive debut on the NSE SME on Wednesday, opening at ₹130 against its IPO price of ₹38, representing a significant listing gain of 242.1%. The company is promoted by the Goyal family and managed by Holani Consultants Private Ltd and Bigshare Services Pvt Ltd.
The initial public offering (IPO) period, which ran from September 26 to October 3, saw an overwhelming response from investors with an oversubscription of 294.16 times. This allowed the company to raise ₹18.63 crores through the issue of 49.02 lakh fresh shares priced between ₹36 and ₹38. Notably, there was no offer-for-sale component in the IPO.
Pre-IPO anchor investors played a significant role in this successful listing. Meru Investment Fund PCC - CELL 1 and Tryrock Capital Trust I collectively contributed ₹5 crore (INR100 crore = approx. USD12 million) to the IPO.
The funds raised from the IPO will be utilized for various purposes. Goyal Salt plans to enhance the quality of its products, create a strong brand presence, invest in marketing initiatives, meet working capital needs, and address general corporate purposes.
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