Mach Conferences Soars 9% as Promoter Boosts Stake | Stock Market Update

Koushik Roy

Mach Conferences Soars 9% as Promoter Boosts Stake | Stock Market Update

Mach Conferences And Events, an emerging player in the SME sector, has witnessed a remarkable surge in its share price, climbing over 9% on Tuesday. This increase marks the third consecutive session of gains for the company, which was recently listed on the BSE SME platform. The stock reached an impressive high of 279.00 per share, showcasing growing investor confidence.

The impressive rally in Mach Conferences And Events shares can largely be attributed to a recent move by one of its promoters, who increased their stake by purchasing shares directly from the open market. This act of confidence from the promoters often signals potential growth and stability to investors.

   

Promoter Adit Bhatia demonstrated commitment to the company by acquiring a total of 34,800 equity shares across five transactions from September 25 to September 30. Prior to this acquisition, Bhatia held only 11,000 shares, translating to a mere 0.05% stake in the company as of September 25.

After the shares were purchased, his stake rose to 0.22%, bringing his total shareholding to 45,800 shares, reflecting a notable increase in his investment in the company.

As a result of this acquisition, the total promoter shareholding in Mach Conferences And Events is expected to have increased to 70.1%, a slight rise from the previous 69.93% recorded as of September 9, highlighting strong insider confidence in the company’s future prospects.

Mach Conferences and Events IPO Overview

Mach Conferences and Events made an impressive debut on the stock market on September 11, with shares getting listed at 300 each on the BSE SME. This represented a remarkable premium of 33.33% over the issue price of 225 per share.

The initial public offering (IPO), which was open for subscriptions between September 4 and September 6, enjoyed vast popularity, culminating in an astounding subscription rate of 196.70 times, indicating high demand and interest among investors.

The Mach Conferences and Events IPO was valued at 125.28 crore and comprised a fresh issue of 22.29 lakh equity shares, valued at 50.15 crore, while the offer-for-sale (OFS) accounted for 33.39 lakh shares totaling 75.13 crore. The price band for the IPO was set between 214 and 225.

Despite experiencing a downturn of approximately 10% from its listing price, Mach Conferences and Events shares have shown resilience, remaining over 20% higher than its initial issue price. This positive trajectory reflects the company’s potential and growing market acceptance.

As of 11:35 am today, Mach Conferences and Events shares were trading at 265.00 each on the BSE SME, reflecting a 4.02% gain, further highlighting investor optimism surrounding the company’s future performance.