Shares of Megatherm Induction continued their bull run at the bourses going up around 5% to hit an all-time high of ₹252.60.
What Happened: The surge today comes as ace investor Ashish Kacholia picked up a stake in the recently-listed company. As per NSE data, Kacholia picked up 3.16 lakh shares of the company through a bulk deal on Thursday. The average price for the deal was at ₹224.96. The total cost of the transaction was around ₹7.12 crore.
The Megatherm Induction IPO saw immense interest, with subscriptions reaching 200.51 times in the retail category, 105.14 times in the QIB category, and 307.04 times in the NII category. The company made a blockbuster debut on the NSE SME platform, with its share price listing at ₹198, a substantial increase of 83.33% compared to the issue price of ₹108.
With a market cap of around ₹450 crore, Megatherm Induction Limited specializes in manufacturing induction heating and melting products, operating as a subsidiary of Megatherm Electronics Private Limited.
Price Action: Megatherm Induction’s share price was locked in the 5% upper circuit at ₹252.60 on Friday.
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