The counter hit a high of Rs 90 and a low of Rs 85.50. About 4.11 lakh shares of the company changed hands at the counter.

NewMalayalam Steel's IPO was subscribed 48.18 times. The issue opened for bidding on 19 December 2024 and it closed on 23 December 2024. The price band of the IPO was set at Rs 85 to Rs 90 per share.

The IPO comprised fresh issue of 46,40,000 equity shares. The promoter and promoter group shareholding diluted to 73.02% from 99.80% pre-issue.

The company intends to utilize the net proceeds for IT/technical upgradation of existing manufacturing facility, expansion of the existing solar facility for power generation, funding of expenditure towards civil construction of new factory shed cum storage facility within the existing factory premises situated in Kerala, advertising, marketing, and brand building, funding incremental working capital requirements of the company, issue related expenses, and for general corporate purposes.

New Malayalam Steel is one of the leading companies in the manufacture and supplier of steel tubes and pipes, founded in 2017. The company has an electric resistance welding tube mill with an installed capacity of 3,500 MT in a manufacturing unit in Kerala, India. Further, in-depth knowledge and market research of the steel industry assist them in building a brand reputation for Demac Steel. As of 30 September 2024, the company had 140 employees.

The company recorded revenue from operations of Rs 154.21 crore and net profit of Rs 5.19 crore for the period as on 30 September 2024.