Small Cap Stock Below Rs 5 Jumps 9% On Allotment of 16 Cr Shares Via QIP To 3 FIIs

Vikas EcoTech opened today on the BSE at Rs 4.13 apiece and clocked an intraday high of Rs 4.42 apiece during the morning deals logging an intraday gain of 7.02%. The stock is currently trading at Rs 4.38 apiece up by 8.68% from the previous close of Rs 4.03.
After Vikas Ecotech Ltd. wrapped up its Qualified Institutions Placement (QIP) issuance today, September 13, 2023, the stock price surged. With a floor price of Rs 2.95 per equity share, the issue price has been set at Rs 3.10 per equity share (with a premium of Rs 2.10). 16,12,80,000 equity shares have been distributed in total via QIP to foreign institutional investors (FIIs).

Out of the total issue size, 5,50,00,000 shares or 34.10% of the total issue size have been allotted to Radiant Global Fund, 5,31,55,000 equity shares or 32.96% of the total issue size to Forbes EMF and 5,31,25,000 shares or 32.94% of the total issue size to Minerva Ventures Fund. This is the list of allottees who have been allotted more than 5% of the equity shares offered in the present tranche/Issue.

Vikas Ecotech Limited was founded in 1984, and its primary activity is the production of specialty chemicals with an emphasis on additives and specialty polymer compounds. Market capitalization of the firm is Rs 491 crore.

On Thursday, the shares of Vikas EcoTech were trading at Rs 4.36 apiece around 11.55 pm. The stock made a 52-week-high of Rs 5.09 on (12/09/2023) and a 52-week-low of Rs 2.38 on (28/03/2023). During Q1FY24, the company recorded promoter shareholding of 7.85%%, FIIs stake of 15.18%, and public stake of 76.98%.