After a flat listing, Mangalam Alloys tumbles to hit 5% lower circuit

Mangalam Alloys raised Rs 54.91 crore via IPO.

Mangalam Alloys made a muted market debut on October 4, listing at par with the issue price of Rs 80 on the NSE SME platform. Soon after the listing, the stock tumbled 5 percent to hit the lower circuit at Rs 76.

Mangalam Alloys’ initial public offering, which opened on September 21 and closed on September 25, was subscribed 5.57 times. The retail portion was subscribed 8.73 times and the non-institutional investors (NII) part 2.41 times.

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The stainless steel product manufacturer raised Rs 54.91 crore through the offer, the price of which was fixed at Rs 80.

The company will use the proceeds for business expansion, research and development and general corporate purposes. Uttamchand Chandanmal Mehta, Tushar Uttamchand Mehta and Meghjyoti Impex Private Limited are the promoters of the company.

Mangalam Alloys manufacturers SS ingots, round bar, RCS, bright bar and different profiles such as square, hex, angle and patti. The company has integrated stainless steel, special steel & higher alloy steel melting and further processing units.