New Delhi, Mar 3 (KNN) Beezaasan Explotech shares made a debut on the stock exchange Monday, listing at nearly 17 percent discount to its initial public offering (IPO) price.

The shares of the explosives and explosive accessories manufacturer listed at Rs 146 per share on the BSE SME platform against the issue price of Rs 175, marking a discount of 16.57 percent.

The IPO had garnered strong investor interest in the primary market, being subscribed 5.11 times during the subscription period between February 21 and February 25.

According to BSE data, investors bid for 1.25 crore equity shares against the 24.56 lakh shares on offer through 3,509 applications.

The Gujarat-based firm had aimed to raise Rs 59.93 crore through its maiden public issue, offering 34.24 lakh equity shares within a price band of Rs 165-175 per share.

Proceeds from the IPO will be utilised for purchasing plant and machinery, as well as civil construction work to expand its existing manufacturing unit.

This includes upgrading the emulsion explosive-3 plant, the emulsion bulk explosive plant, and the detonating fuse plant at its Bhanthala facility in Gujarat.

Additionally, funds will be allocated for expanding the magazine (storage) facility for emulsion cartridge explosives and detonating fuse at its Felsani site in Gujarat, purchasing a commercial vehicle, and repaying debt.

Beezaasan Explotech manufactures cartridge explosives, including slurry explosives, emulsion explosives, and detonating explosives, catering to the cement, mining, and defence industries.

(KNN Bureau)