Manoj Ceramic debuts with 32.2% listing gains over IPO price on BSE SME

Manoj Ceramic IPO: Through the IPO, the company raised Rs 14.47 crore

The stock of Manoj Ceramic made a bumper debut, listing at a 32.2 percent premium over the IPO price, on January 3. It opened at Rs 82 against the issue price of Rs 62 on the BSE SME platform.

Ahead of the listing, the shares were commanding a 9 percent premium in the grey market, an unofficial ecosystem where shares start trading before the allotment in the IPO and continue till the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price.

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The Mumbai-based ceramic tiles and tiles adhesive trader’s public issue was booked 8.6 times during December 27-29. Retail investors picked up 10.7 times the portion set aside for them, while high net-worth individuals (HNIs) bid 6.67 times the reserved portion.

Through the IPO, the company raised Rs 14.47 crore. The company will use the net fresh issue proceeds to meet working capital expenses of Rs 9.5 crore. The remaining funds will be used for general corporate purposes.

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Manoj Dharamshi Rakhasiya, Anjana Manoj Rakhasiya, Dhruv Manoj Rakhasiya, Aakash Manoj Rakhasiya, Manasvi Dhruv Rakhasiya and Manoj D Rakhasiya HUF (acting through Manoj Dharamshi Rakhasiya) are the promoters of the company.

Swaraj Shares and Securities was the book-running lead manager, Purva Sharegistry India was the registrar and Shreni Shares was the market-maker for the issue.

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Manoj Ceramic Limited trades in ceramic tiles and tile adhesives under the brand name ‘MCPL’. The company has the tiles manufactured and adhesives ordered by a third-party manufacturer and does not produce them. Its retail showrooms are located in Mumbai at Ghatkopar and Andheri and in Bangalore at Raja Rajeshwari Nagar.