Ahead of the listing, there was no definitive GMP for Qualitek Labs shares in the unlisted market.
The public issue of Qualitek Labs received good response from investors with the overall subscription at nearly 59 times. The category reserved for retail investors was booked 39 times, followed by other investors at 69.37 times.
The company proposes to use the net proceeds from the public offer will be used for funding capital expenditure towards installation of plant and machinery, repayment of borrowings, working capital requirements and general corporate purposes.
Qualitek Labs is primarily engaged in the business of providing testing, inspection, homologation, certification and consultancy services to various industries such as automotive, defense, minerals, environment & water, food & agriculture, pharma & healthcare, and metal & metallurgy.
The company has commenced its business operations from a testing laboratory, which was set up in Pune in the year 2018. Later in the year 2022, it expanded and established the second laboratory in Bhubaneshwar. Qualitek is in process of setting up another two testing laboratories at Pune and Noida.
Some of its strengths include a qualified and experienced management team, robust technical capability and a strong IT infrastructure.The turnover of the company increased from Rs 6.35 crore in FY21 to Rs 19.13 crore in FY23. For the period ended September 2023, the company clocked revenues of Rs 12.48 crore and net profit of Rs 2 crore.
Oneview Corporate Advisors acted as the lead manager to the issue and Skyline Financial Services is the registrar.
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