Bumper debut: Manas Polymers and Energies shares list at 90% premium to IPO price on NSE Emerge

Manas Polymers and Energies IPO

The shares of Manas Polymers and Energies made a bumper market debut on October 6, listing at Rs 153.90 apiece on the NSE Emerge platform. This marks a premium of 90 percent over the SME IPO price of Rs 81 apiece.

The strong market debut comes despite muted grey market expectations.

Ahead of listing, the unlisted shares of the company were trading with around 4 percent grey market premium (GMP) over the IPO price, according to data on Investorgain.

The company had launched its initial public offering to raise Rs 23.5 crore through an entirely fresh issue of more than 29 lakh shares. The price band was set at Rs 76-81 apiece. Investors could bid for a minimum of 1,600 shares, requiring an investment of Rs 1,29,600 at the upper price band, and in multiples thereafter.

The maiden public issue of the maker of food-grade PET preforms, bottles, jars and caps was fully subscribed during its three days of public bidding between September 26 and September 30, with Qualified Institutional Buyers (QIB) showing the most interest.

The company aims to use proceeds from the IPO to fund the capital expenditure requirements towards setting up of a solar power plant and towards purchase of fixed assets, along with general corporate purposes.

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