Presstonic Engineering Ltd Share Price – NSE

Engineering, Small Cap

Presstonic Engineering announced that the 3rd Annual General Meeting (AGM) of the company will be held on 16 August 2024.

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Presstonic Engineering will hold a meeting of the Board of Directors of the Company on 13 May 2024

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The scrip was listed at Rs 140, a premium of 94.44% over the initial public offer (IPO) price.

The counter hit a high of Rs 147 and a low of Rs 133. About 24.35 lakh shares of the company changed hands at the counter.

The initial public offer (IPO) of Presstonic Engineering was subscribed 153.15 times. The issue opened for bidding on Monday (11 December 2023) and closed on Wednesday, (13 December 2023).

The IPO comprises fresh issue of 32,36,800 shares. The promoter and promoter shareholding will dilute to 57.99% from 99.97% Pre-IPO.

About 1,63,200 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 30,73,600 equity shares. The issue and the net issue will constitute 42% and 39.88% respectively of the post-issue paid up equity share capital of the company.

The company intends to utilize net proceeds from the fresh issue funding capital expenditure towards purchase of additional plant and machinery, prepayment in full of certain borrowings availed by the company, working capital requirements, issue related expenses and general corporate expense.

Presstonic Engineering manufactures metro rail rolling stock products, metro rail signaling products, infrastructure products and supplies to renowned global and domestic OEM’s engaged in the rail and metro rail rolling stock and signaling equipment manufacturing and servicing companies. The company’s manufacturing process includes both through In-house manufacturing and outsourcing model. Through outsourcing model, it mainly process the following activities which is CNC Laser Cutting, Punching, Anodising, Painting etc. As on 30 November 2023, the company has 36 employees excluding directors and engaged 126 contract labours for its operations.

The company recorded revenue from operations of Rs 14.25 crore and net profit of Rs 1.52 crore for the period as on 30 September 2023.

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