IPO Update: Affordable Robotic makes a decent market debut
The equity shares of automation company Affordable Robotic & Automation Limited (ARAPL) witnessed a decent listing on the bourses on Monday. The stock was trading close to 11 per cent premium to its issue price in the post lunch hour.
The SME was listed under MT Group Securities post its IPO which was open for subscription from May 24 to May 28. The issue size was Rs. 22.26 crore.
ARAPL is a Pune-based company engaged industrial automation solutions such as Assembly Line, Conveyor, Gantry, Line Automation, Pick & Place Systems, Robotic Inspection Stations, etc. The company also provides Automatic Car Parking System. The company majorly provides services to Automotive industry, and its client include Non-Automotive Industries and government sector.
On its listing day, at 14:23 hours, the stock of Affordable Robotic & Automation was trading at Rs. 94.55 per share, up by 5.00 per cent its listing price and up 11.24 per cent its issue price. The scrip debuted on Rs. 90.05 per share. The stock's circuit band is placed at 5 per cent. Meanwhile, the BSE Sensex was at 35,058.60, down by 168.66 or 0.48 per cent.