Shares of Mach Conferences And Events surged by over 9% on Tuesday, continuing their upward trend for the third consecutive session. The stock, which is listed on the BSE SME platform, witnessed a sharp rise, climbing as much as 9.51% to an intraday high of ₹279.00 per share. The rally came on the back of a key development where one of the company’s promoters increased their stake through open-market purchases.
The surge in the stock price is largely attributed to promoter Adit Bhatia’s acquisition of additional shares. Between September 25 and September 30, Bhatia purchased a total of 34,800 equity shares of Mach Conferences And Events across five tranches. As of September 25, Bhatia held 11,000 shares, representing a 0.05% stake in the company. Following the latest purchases, his total shareholding has increased to 45,800 shares, equivalent to a 0.22% stake.
This acquisition has further strengthened the promoters’ position within the company. Prior to the purchases, the total promoter shareholding stood at 69.93%, according to the company’s shareholding pattern as of September 9. With Bhatia’s increased stake, the total promoter holding is now estimated to have risen to 70.1%.
Mach conferences and events IPO
Mach Conferences and Events made headlines earlier this year when it debuted on the stock market through a successful initial public offering (IPO). The company’s shares were listed on the BSE SME platform on September 11 at a price of ₹300 per share, reflecting a premium of 33.33% over the issue price of ₹225 per share.
The IPO, which was open for subscription between September 4 and September 6, saw an overwhelming response from investors. It was subscribed an impressive 196.70 times, indicating strong demand for the stock. The IPO was valued at ₹125.28 crore and comprised a mix of fresh issues and offers for sale (OFS). Specifically, the IPO included a fresh issue of 22.29 lakh equity shares worth ₹50.15 crore and an OFS component of 33.39 lakh shares amounting to ₹75.13 crore. The price band for the IPO was set between ₹214 and ₹225 per share.
While the stock has experienced some volatility since its listing, it remains a popular choice among investors. Despite being down approximately 10% from its listing price, the stock is still up more than 20% from its issue price.
Impact of promoter’s stake increase
Promoter Adit Bhatia’s decision to increase his stake in the company has been viewed positively by the market, signaling confidence in the company’s future prospects. Promoter activity, such as increasing stake in the business, often serves as an indicator of optimism about the company’s potential growth and financial health.
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The upward movement in share prices suggests that investors are taking note of this development, which may also lead to increased institutional and retail interest in the stock. The rise in promoter holdings generally indicates a long-term commitment to the business, which can provide stability and boost investor sentiment.
Current market position
As of 11:35 AM on Tuesday, Mach Conferences and Events shares were trading 4.02% higher at ₹265.00 per share on the BSE SME platform. This consistent rise in stock price comes after a brief period of market correction following its IPO. Despite the stock being down from its listing price, it continues to perform well relative to its issue price, showing long-term growth potential.
Looking ahead
Mach Conferences and Events, a relatively new entrant to the stock market, is well-positioned to capture attention in the SME space. The company’s promising market debut, coupled with strong promoter backing, paints a positive picture for future growth. The recent stake increase by promoter Adit Bhatia reflects confidence in the business’s outlook and may attract more investors in the near term.
For retail and institutional investors, the continued rise in share price highlights the company’s ability to navigate market conditions effectively. While it remains to be seen how the stock performs in the long term, the recent rally suggests that Mach Conferences and Events is gaining momentum and may prove to be a strong performer within the SME sector.
With its expanding market presence and favorable investor sentiment, Mach Conferences and Events is certainly a stock to watch in the months ahead.
