Multibagger debut! Shivalic Power Control shares list at 211% premium over IPO price

The shares of Shivalic Power Control listed on the NSE SME platform with a premium of 211% on Monday. The stock debuted at Rs 311 as against an issue price of Rs 100.

Ahead of the listing, the company's shares traded with a premium of Rs 175 in the unlisted market.

The IPO, which was completely a fresh equity sale of 64.32 lakh shares, was subscribed over 250 times at close, driven by strong interest from retail and non-institutional investors.

The net proceeds from the public offer will be used for working capital requirements, capital expenditure, inorganic growth through unidentified acquisition for company and general corporate purposes.

Shivalic Power Control is an LT and HT electric panel manufacturer with an operating history of 20 years. It is a technology-driven company with a strong focus on quality, design and product development, which has allowed it to develop products suited to customers’ requirements.

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The company's 1.25 lakh sq ft in-house manufacturing unit allowed it to manufacture a diversified range of electric panels such as PCC Panels, IMCC Panels, Smart Panels, MCC Panels, DG synchronisation panels, Outdoor panels, HT Panels up to 33KV, VFD Panels, Power Distribution Boards, Bus Duct and LT & HT APFC Panels.

Shivalic is also authorised by industry leaders such as L&T, Siemens, Schneider Electric and TDK to manufacture fully type-tested panels as per IEC 61439 – 1&2 ,IEC 61641, IS1893 which the company serves to more than 15+ industrial Sectors in India as well as in outside.

The company has a dedicated team of engineers who are experts in designing and developing advanced designs which enable it to manufacture the Techno Modular Design – Fully Bolted Panels with aluminium and copper Bus Bar.

The electric control panel market size is expected to see strong growth in the next few years. It will grow to $7.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.

For the period ended December 2023, the company clocked total revenues of Rs 63.55 crore and net profit of Rs 7.6 crore.

Corporate Capital Ventures acted as the lead manager to the issue and Skyline Financial was the registrar.