Shubhshree Biofuels Energy will hold a meeting of the Board of Directors of the Company on 13 November 2024Powered by Capital Market - Live

The scrip was listed at Rs 189, a premium of 58.82% 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 198.45 and a low of Rs 179.55. About 6.11 lakh shares of the company changed hands at the counter. Shubhshree Biofuels Energy's IPO was subscribed 85.61 times. The issue opened for bidding on 9 September 2024 and it closed on 11 September 2024. The price band of the IPO was set at Rs 113 to Rs 119 per share. The IPO comprised fresh issue of 13,92,000 shares. The promoter and promoter group shareholding diluted to 73.45% from 100% pre-IPO. The company intends to utilize the net proceeds for funding capital expenditure towards installation of additional plant and machinery, to meet working capital requirements and for general corporate purpose. Ahead of the IPO, Shubhshree Biofuels Energy on 6 September 2024, raised Rs 4.68 crore from anchor investors. The board allotted 3.93 lakh shares at Rs 119 per share to 3 anchor investor. Shubhshree Biofuels Energy is engaged in the business of manufacturing & supplying of biomass fuels, which includes biomass pellets and briquettes. The company is currently selling these pellets and briquettes to customers who are engaged in the business of recycling material, textile processing, pharmaceutical, metal, etc. The company sells majority of its products in the Northern States of India among which especially Haryana, Uttar Pradesh, Rajasthan with NCR region being the highest contributor to its revenue from operations. In FY24, the company sold 1,21,800 tonnes of biomass fuels. The company had 26 employees as on 31 March 2024. The company recorded revenue from operations of Rs 94.14 crore and net profit of Rs 3.29 crore for the period as on 31 March 2024. Powered by Capital Market - Live