Saakshi Medtech and Panels makes strong debut on NSE SME platform

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Saakshi Medtech and Panels makes strong debut on NSE SME platform
Credit: © Reuters.

Saakshi Medtech and Panels, led by Aniket Vijay Latkar and Chitra Vijay Latkar, made a robust entry into the NSE SME platform on Tuesday. The company's shares registered a substantial premium of 50.5%, indicating a positive response from investors.

The company managed to raise Rs 45.16 crore ($6.08 million) through an initial public offering (IPO) that was oversubscribed 91.65 times. This successful IPO allowed Saakshi Medtech and Panels to issue a fresh batch of 46.56 lakh shares, further expanding its market presence.

The capital raised from the IPO will be employed for several purposes. A significant portion is earmarked for debt clearance, which will strengthen the company's financial standing. Additionally, funds will be allocated to maintain operational fluidity, ensuring the smooth functioning of the business.

The remainder of the capital will be directed towards other corporate agendas. While the specifics of these agendas were not disclosed, it is expected that they will involve strategic moves to enhance the company's market position and growth prospects.

This recent development underscores the potential of the NSE SME platform as a viable avenue for smaller companies to raise capital and grow their businesses. It also reflects investor confidence in Saakshi Medtech and Panels' business model and future prospects.

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