Sapphire Linens & Garments, a small company, is experiencing skyrocketing share prices. On Tuesday, the company’s shares rose by 5% to reach Rs 48.40. Neelam Linens & Garments’ shares surged by 5 percent, hitting the upper circuit on Monday. In just 6 days, the company’s stock price has doubled. Neelam Linens & Garments made their debut on the stock market on November 18, 2024.
Company’s stocks surged over Rs 48
The company debuted on the stock market at Rs 24 per share. On Tuesday, the company’s stocks surged over Rs 48. Neelam Linens & Garments’ IPO began on 8th November 2024 and continued until 12th November. The company’s stake in the initial public offering was valued at 24 rupees. The stocks of the company were released in the market on November 18. Neelam Linens & Garments’ shares were priced at Rs 40.05 when listed. The company’s shares ended the day of listing at Rs 38.05. On November 26, the company’s shares hit Rs 48.40.
company’s shares have surged over 100% in just 6 days
The company’s shares have surged over 100% in just 6 days from the initial price of Rs 24. Neelam Linens & Garments’ IPO saw a subscription of 91.97 times. Retail investors oversubscribed the company’s IPO by a factor of 57.82. At the same time, the non-institutional investors (NII) category experienced bets that were 273.47 times. The company’s IPO was oversubscribed by 15.40 times for the Qualified Institutional Buyers (QIBs) quota.
During the initial public offering of Neelam Linens & Garments, individual investors were limited to betting on just 1 lot. There were 6,000 shares in one batch of the IPO. In other words, individual investors had to put in Rs 1.44 lakh for the company’s initial public offering.
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