Structural repairs services provider Mahendra Realtors & Infrastructure has attracted healthy response from investors for its SME initial public offering (IPO), which closed with 25.2 times subscription on August 14 on the final day of bidding.
The Mumbai-based company launched its maiden public issue of 58.17 lakh shares for subscription on August 12, with a price band of Rs 75-85 per share.
In total, Investors subscribed for 14.66 crore shares via 29,971 applications during three days of subscription period.
The company will finalise the IPO share allotment by August 18, and the shares will be available for trading on the NSE Emerge effective August 20.
Mahendra Realtors is raising Rs 49.45 crore through public issue at the upper price band. The IPO was a mix of fresh issue of 47.26 lakh shares, and an offer-for-sale of 10.91 lakh shares.
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The company intends to spend Rs 30.4 crore from the fresh issue proceeds for working capital requirement and the remainder for general corporate purposes. Fast Track Finsec acted as the sole book running manager for the Mahendra Realtors IPO.
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