Unimech Aerospace and Manufacturing stock recorded 75% rally on market debut
Unimech Aerospace and Manufacturing saw a surge in investor interest, with shares rising more than 75 percent on December 31st. This marked the final debut of the year 2024 from the mainboard segment.
Unimech Aerospace opened strong, as anticipated, climbing 86 percent to Rs 1,460 on the National Stock Exchange. It reached an intraday high of Rs 1,485 before experiencing some profit-taking, causing it to dip to Rs 1,327.75, the day’s low. At this point, a Morning Star candlestick pattern, a bullish reversal signal, appeared on the 15-minute charts. The stock managed to recover from these intraday losses and closed at Rs 1,376.25, a 75.32 percent increase over the issue price of Rs 785, with a trading volume of 84.2 lakh shares.
On the BSE, Unimech Aerospace surged by 74.93 percent to end at Rs 1,373.20, with a trading volume of 6.97 lakh shares.
The engineering solutions provider is now valued at Rs 6,983.67 crore based on the closing price.
Unimech Aerospace specializes in the manufacturing and supply of aero tooling, ground support equipment, electro-mechanical sub-assemblies, and other precision-engineered components for the aerospace, defense, energy, and semiconductor industries. The company serves top global airframe and aero-engine OEMs and their approved licensees.
Headquartered in Bangalore, the company raised Rs 500 crore through an IPO, consisting of a fresh issue and an offer-for-sale of shares worth Rs 250 crore each. The offer was oversubscribed 175.31 times during the period of December 23-26.
The proceeds from the fresh issue will be used for expanding operations through the purchase of machinery and equipment, meeting working capital requirements, repaying debt, and for general corporate purposes.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.