CFF Fluid Control jumps over 11% after listing on BSE SME platform

CFF Fluid Control Limited became the 437th company to get listed on the BSE SME Platform after successfully completing its public issue on June 2.

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CFF Fluid Control Limited, which works in the aerospace and defense industry, was listed at a premium and went on to gain further, being locked at 5 percent upper circuit eventually on June 12.

As of 2 pm, the stock traded at Rs 183.75, up 11.36 percent from the issue price and 5 percent from the listing price.

CFF Fluid Control Limited became the 437th company to get listed on the BSE SME Platform after successfully completing its public issue on June 2.

CFF Fluid Control Limited is a Maharashtra-registered company, engaged in the business of manufacturing and servicing shipboard machinery. They manufacture critical component systems and test facilities for submarines and surface ships for the Indian Navy. The entity also designs, manufacture, and service mechanical equipment and systems for industries like nuclear and clean energy.

During the IPO, the company offered 52 lakh shares at Rs 165 per share to raise about Rs 86 crore from primary market investors.

The company said it will use the proceeds to fund working capital requirements, repay loans, purchase machinery and equipment, acquire technology of Towed Wire Antenna (TWA) and general corporate purposes.

The company’s facilities are situated at Khopoli from where it designs, manufactures and services fluid control systems, distributor and air panels, Weapons and Control Systems, steering gear, Propulsion Systems, High-Pressure Air Systems, Hydraulics Systems, Breathing and Diving Air Systems and Integrated Platform Management Systems for submarines and surface ships for the Indian Navy and its OEMs.

The facility is approved by Indian Navy, MDL & Naval Group (France), it said in its IPO prospectus.