Uma Exports makes strong market debut, stock lists at 17% premium to issue price

The shares of Uma Exports listed at a premium of 17% to their issue price on BSE today. Stock of Uma Exports made its market debut at Rs 80 on BSE. The issue price of the IPO stood at Rs 68. Market cap of Uma Exports rose to Rs 276.56 crore.

Total 4.69 lakh shares of the firm changed hands amounting to a turnover of Rs 3.77 crore on the BSE.

On NSE, the stock listed at Rs 76, up 11.76% to the IPO issue price. Market cap of the firm rose to Rs 269 crore. Total 9.73 lakh shares of the firm changed hands amounting to a turnover of Rs 7.79 crore on the NSE.

The issue was open for subscription between March 28-March 30 in a price range of Rs 65-68 per share. The Rs 60-crore IPO was subscribed 7.67 times on the final day.

The quota reserved for retail bidders was subscribed over 10 times, whereas QIB quota fetched nearly 3 times bids. The portion allocated for non-institutional bidders was subscribed a little more than two times.

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Corporate CapitalVentures Pvt Ltd was the book running lead manager to the issue.

The allotment of shares was on April 4, 2022. The Uma Exports IPO market lot size was 220 shares. A retail-individual investor could apply for up to 13 lots (2860 shares or  Rs 194,480).

Proceeds of the public issue will be utilised towards augmentation of working capital requirements and general corporate purposes.

Uma Exports is engaged in marketing, trading and distribution of agricultural products including rice, wheat, sugar, spices, dry red chillies, coriander, cumin seeds, food grains, pulses, etc. It is a B2B trader that supplies products to manufacturers, exports, etc. The company imports products like lentils, faba beans, black urad dal, and tur dal in India in bulk quantities from Canada, Australia, and Burma.