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Markolines Traffic Controls IPO: Offer subscribed 2 times on the final day

The trading in shares of Markolines will commence from September 28, the prospectus says

September 20, 2021 / 04:41 PM IST

Highway operations and maintenance services provider Markolines Traffic Controls' initial public offering (IPO) was subscribed two times on September 20, the final day of bidding.

Investors bid for 1,05,31,200 equity shares against the IPO size of 51,28,000 shares, getting bids worth Rs 82.14 crore, the subscription data available on exchanges showed. The issue opened for subscription on September 15.

The issue price has been fixed at Rs 78 per share.

Retail investors put in bids for 37.60 lakh shares and non-institutional investors 66,52,800 shares, while qualified institutional buyers bought 1.28 lakh shares in the IPO.

Half of the issue size was reserved for retail investors. The data indicates that the retail portion was fully subscribed.

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The company is going to utilise issue proceeds (around Rs 36 crore after issue expenses) for repaying debts, working capital requirements, and general corporate purposes.

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Markolines has an experience of 19 years in offering highway services and its principal business operations are broadly divided into three categories—highway operations, highway maintenance, and specialised maintenance services.

Sanjay Bhanudas Patil, chairman and managing director, and Karan Atul Bora, executive director, are the promoters of the company, owning a 48.78 percent stake.

The company will finalise the IPO share allotment on September 23. The funds will be refunded to ineligible investors and shares credited to demat accounts of eligible investors by September 27.

The trading in shares of Markolines will commence from September 28, the prospectus says.

The shares will be listed on the SME Platform of BSE. Gretex Corporate Services is the book running lead manager to the issue.
Moneycontrol News
first published: Sep 20, 2021 04:41 pm

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