CFF Fluid Control IPO Lists on BSE-SME Platform
Indian Navy and Mazagon Dockyard Shipbuilders have a new vendor in CFF Fluid Control, a company that was established in 2012 to cater to the growing needs of these organizations. The company’s shares were listed on the BSE-SME platform today, with IPO investors receiving shares at INR 165 and the current listing price at INR 175, resulting in a listing gain of 6.06%. On the first day of trading, the share price reached an upper circuit of INR 183.75 with a 5% gain. The IPO was for the issuance of new shares, and no shares were sold under the Offer for Sale (OFS) window.
CFF Fluid Control IPO Details
The INR 86 crore IPO of CFF Fluid Control was open for subscription from May 30 to June 2. The issue price for shares with a face value of INR 10 was fixed at INR 165, with a lot size of 800 shares. The issue was subscribed 2.21 times, with retail investors subscribing 1.67 times. IPO investors received 52 lakh new shares, and the funds raised will be used to repay debt, purchase new machinery and equipment, acquire the Towed Wire Antenna technology, meet working capital requirements, and other corporate purposes.
About CFF Fluid Control
CFF Fluid Control primarily manufactures and services shipboard machinery. The company also designs and manufactures mechanical equipment and systems for industries such as nuclear and clean energy. CFF Fluid Control was established to meet the growing needs of the Indian Navy and Mazagon Dockyard Shipbuilders for mechanical parts for the Scorpene submarine program. The company reported a net profit of INR 1.33 crore in the financial year 2020, which declined to INR 24.60 lakh in the following year before rebounding to INR 7.80 crore in the financial year 2022. The company recorded a net profit of INR 7.18 crore in the first nine months of the financial year 2022-23 (April-December 2022).
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