Narmadesh Brass Industries IPO listing: Shares of Narmadesh Brass Industries hit their lower circuit after a weak debut on the BSE SME on Wednesday, January 21. Narmadesh Brass Industries opened at ₹495, 3.9% lower than the issue price of ₹515. Soon after the listing, the stock plunged further to hit its 5% lower circuit of ₹470.25. The lower circuit price is down 8.7% with respect to the issue price.
The stock’s listing was largely in line with expectations in the gray market. The Narmadesh Brass Industries GMP on Wednesday morning was nil, indicating the stock could have listed at par with the issue price.
Narmadesh Brass Industries operates a manufacturing unit spanning around 6,300 square meters at the Shree Ganesh Industrial Hub in Jamnagar, popularly referred to as India’s “Brass City.”
The company produces a wide range of products, including brass billets and rods, valves, plumbing and sanitary fittings, agricultural sprayer components, and customized machined parts, serving both domestic and export markets.
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