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- The stock listed at ₹225 as compared to its issue price of ₹230.
- Its market capitalisation is at ₹2,155 crore, according to BSE.
Air conditioner manufacturer EPACK Durable disappointed the grey market listing 2% below its issue price of Tuesday.
The stock listed at ₹225 as compared to its issue price of ₹230. The grey market was expecting 2% listing gains from the stock. The benchmark indices opened flat, with Sensex falling 50 points and Nifty gaining 4 points as of 10 am.
Its market capitalisation is at ₹2,155 crore according to BSE.
The ₹640 crore initial public offer (IPO) was subscribed 16 times over the shares on offer. It has mobilized ₹192 crore from anchor investors ahead of its IPO from investors like Societe Generale, Copthall Mauritius Investment, SBI Life Insurance Company and more.
The year of 2023 has been good market debuts with many stocks providing investors with positive listing gains.
Here are the listing gains of the last few market debuts
| Company | Listing gains |
| Jyoti CNC` | 30% |
| Innova Captab | 21% |
| Azad Engineering | 29% |
| Doms | 77% |
| Tata Technologies | 162% |
| IREDA | 87% |
The issue is a combination of a fresh issue and an offer for sale. It intends to use net proceeds from the fresh issue as capex for new or expansion of manufacturing facilities, loan payment, and general corporate purposes.
The company is an outsourced design manufacturer of room air conditioners. Some of its customers include Voltas, Blue Star, Daikin, Haier, Godrej and Boyce and more.
It is the second biggest original design manufacturer (ODM) of room air conditioners in India, based on the number of units produced in FY23, as per a Frost & Sullivan report, it says in the DRHP.
It has three manufacturing facilities in Dehradun, Uttarakhand; Bhiwadi in Rajasthan; and Sricity in Andhra Pradesh.
Apart from indoor units, outdoor units and window air conditioners; it manufactures mixer grinders, water dispensers. Moreover, it aims to expand its portfolios to other consumer goods like hair dryers, kitchen chimneys, domestic air coolers, tower fans and more.
“EPACK Durable has a 24% market share in terms of domestically manufactured units ODM in FY23. The plants are vertically integrated and automated would improve the margins going forward. The increase in wallet share from existing customers through cross-selling and expanding the customer base will increase the business going forward,” said a note Arihant Capital which gave it a ‘subscribe for long-term’ rating.