Mangal Compusolution shares made a flat debut on the BSE SME platform on November 21, listing at the issue price of Rs 45 per share. The IPO fell short of grey market expectations of a 4.4 percent premium listing at Rs 47.
The grey market is an unofficial market where IPO shares are traded before their official listing on the stock exchange.
The Rs 16.2 crore IPO, entirely a fresh issue of 36.06 lakh shares, was open for subscription from November 12 to November 14, and saw an overall subscription of 34.6 times. Retail Institutional Investors (RIIs) subscribed 46.9 times, while the NII (Non-Institutional Investors) category saw 22.3 times oversubscription.
The allotment for Mangal Compusolution IPO was finalised on November 18.
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The lead manager for the issue was Jawa Capital Services, with Kfin Technologies as the registrar and Rikhav Securities as the market maker.
The IPO proceeds will be used for capital expenditure and general corporate purposes.
The company's promoters include Hardik Meghraj Jain, Neeta Mukesh Desai, Pathik Mukesh Desai, Mukesh Khandubhai Desai, and Binny Pathik.
Incorporated in 2011, Mangal Compusolution offers IT hardware rental solutions, serving businesses across industries. Its products range from laptops and desktops to servers, projectors, routers, and other IT peripherals. While its major clientele is in Maharashtra, the company operates pan-India.
The company's revenue fell by 32.7 percent to Rs 23.4 crore, while profit after tax (PAT) dropped by 45.2 percent to Rs 3.9 crore between FY23 and FY24.
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