Sealmatic IPO met with tremendous success, oversubscribed by 16.6 times
Feb 22, 2023
Thane (Maharashtra) [India], February 22 (ANI/BusinessWire India): Sealmatic India's initial public offering (IPO) witnessed oversubscription by 16.6 times on the closing day (February 21st, 2023). The issue received strong demand from HNIs, QIBs and Retail investors. The price band for the IPO was fixed at Rs 225 per share. Bidding in the IPO opened on February 17 and closed on February 21st.
Umar A K Balwa - Managing Director at Sealmatic said, "The company has shown consistent financial performance with about 30 per cent growth in Profit After Tax in the last 3 years."
Balwa further stated that "Sealmatic India Ltd would like to send its warmest gratitude to everyone who has invested in our IPO (BSE SME). We are witnessing the making of history for our company and our investors. We respect and are grateful to our investors who have supported us with their precious capital."
"Our investors will also derive satisfaction in knowing that they will help Sealmatic in creating jobs, spur innovation and drive transformation for social and economic growth. Sealmatic will not make decisions based on short-term revenues or profits. Our strategies will be implemented with mission-driven, long-term development in mind."
"Our people, capital, technology and resources will be utilised to safeguard the sustainable development and growth of the Sealmatic ecosystem. We welcome investors with the same long-term mindset coupled with corporate governance to ensure the sustainability of the company and the interests of our customers, employees, investors and other business participants."
ISK Advisors is acting as the book-running lead manager for the public offer. While KFin Technologies is the registrar of the issue. ICICI Bank is the sponsor bank.
Sealmatic designs and manufactures mechanical seals and associated products mainly for oil & gas, refinery, petrochemical, chemical, pharmaceutical, fertilizer, power, mining, pulp & paper, aerospace, marine, and many more industrial applications.
Finally, Balwa stated: "We thank our investors for their faith and support in making a very successful performance for Sealmatic on the BSE SME platform."
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)
