OSEL Devices will hold a meeting of the Board of Directors of the Company on 13 November 2024Powered by Capital Market - Live

OSEL Devices will hold a meeting of the Board of Directors of the Company on 12 November 2024Powered by Capital Market - Live

The scrip was listed at Rs 198.05, a premium of 23.78% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% over its listing price. The counter hit a high of Rs 207.95 and a low of Rs 190.10. About 19.01 lakh shares of the company changed hands at the counter. Osel Devices' IPO was subscribed 129.22 times. The issue opened for bidding on 16 September 2024 and it closed on 19 September 2024. The price band of the IPO was set at Rs 155 to Rs 160 per share. The IPO comprised fresh issue of 44,16,000 shares. The promoter and promoter group shareholding diluted to 71.53% from 98.50% pre-IPO. The company intends to utilize the net proceeds for prepayment or repayment of all or a portion of certain loans availed by company, funding of working capital requirements of company and for general corporate purposes. Ahead of the IPO, Osel Devices on 13 September 2024, raised Rs 20.12 crore from anchor investors. The board allotted 12.57 lakh shares at Rs 160 per share to 5 anchor investor. Osel Devices manufactures a comprehensive range of LED display systems and hearing aids, including all major components. It manufactures manufactures digital programmable and non programmable hearing aids. As on 31 March 2024, the company has total 68 employees. The company recorded revenue from operations of Rs 132.23 crore and net profit of Rs 13.05 crore for the period as on 31 March 2024. Powered by Capital Market - Live