Parmeshwar Metal shares surges 38% on BSE SME despite missing GMP estimates.

Parmeshwar Metal Ltd marked a successful opening on the BSE SME exchange, trading at ₹84.50 per share, or a 38.52% premium over its initial public offering. The issue has seen tremendous success during the subscription phase from January 2 to 6, crossing 563 times. However, the listing could not match earlier expectations, where the unofficial grey market premium shows a possible increase of 62%. It expects to use IPO proceeds for expanded manufacturing capabilities as well as operating efficiency. Strong investor interest exists amid volatility of the market that characterizes such a performance.

Source: Moneycontrol, Business Standard, NDTV Profit