The initial public offering (IPO) of Manglam Infra and Engineering Ltd had a stellar debut on the NSE SME platform on July 31, with shares listing at a 90 percent premium, opening at Rs 106.40 apiece compared to the issue price of Rs 56.
The IPO was a book-built issue of Rs 27.62 crore, comprising entirely a fresh issue of 49.32 lakh shares. Manglam Infra IPO was priced in the range of Rs 53 to Rs 56 per share, with a minimum lot size set at 2,000 shares. Retail investors were required to invest a minimum of Rs 1.12 lakh while high-net-worth individuals (HNIs) had to invest at least Rs 2.24 lakh for a minimum of 4,000 shares.
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The IPO opened for bidding on July 24 and closed on July 26. The allotment of shares was finalised on July 29.
The IPO was subscribed 394.42 times. The retail segment saw a subscription rate of 371.72 times, while Qualified Institutional Buyers (QIBs) subscribed 163.04 times. High-net-worth individuals (HNIs) exhibited even greater enthusiasm, with their segment being subscribed a staggering 756.73 times.
The IPO had a successful anchor book with a total raise of Rs 7.4 crore. Unistone Capital Pvt Ltd served as the book-running lead manager for the issue, while Bigshare Services Pvt Ltd acted as the registrar.
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The funds raised through the IPO will be utilised to meet the company's working capital requirements and general corporate purposes.
Founded in 2010, Manglam Infra and Engineering Ltd specialises in managing infrastructure projects, offering a range of services including detailed project reports, quality supervision, and operation and maintenance for infrastructure such as highways, bridges, tunnels, and urban buildings. Their service portfolio includes design, engineering, procurement, construction, and integrated project management.
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