Jobaaj Stories
Civil engineering giant MCON Rasayan's IPO was launched yesterday as the company's IPO was so famous among investors that it was oversubscribed on its first day itself!
MCON Rasayan India Ltd. is a civil engineering and construction chemicals company which was established in 2013. It's main products include concrete mixtures, adhesives, waterproof coating products, concrete repair products and many more.
The company has 2 manufacturing plants in Gujarat which boast a total manufacturing capacity of 15,000 MTPA. It has a presence in Gujarat, Maharashtra and Rajasthan with a network of 100 distributors and 1,300 retailers which sell its products under the 'MCON' brand.
About the IPO:-
It opened for subscription on 6th March, 2023 and will be open till 10th March, 2023.
The price for the stock has been set at Rs 40 per share and will be available in lots of 3,000 shares per lot.
Unlike other IPOs, the IPO of MCON Rasayan is not available to QIBs. The entire IPO is equally available for HNIs and NIIs.
Shares are expected to be allotted by 15th March 2023 while listing is estimated to happen on 20th March 2023.
After the issue, promoters of the company will be left with 66.64% stake in the company as opposed to 91.45% currently!
By 3:30 pm on 6th March 2023, the issue was fully subscribed. Rather, the issue was oversubscribed as the issue, which was offering 1,710,000 shares, received applications for 25,644,000 shares!!
RIIs showed the most interest in the IPO as the retail portion was subscribed a staggering 23.41x times while the HNI portion was subscribed 7.42x times.
At the time of reporting, the RII portion had been subscribed 32.71x times while the HNI portion stood at 16.23x times. This meant that the IPO of MCON Rasayan had been subscribed 24.47x times in less than 2 days of opening!!
GYR Capital Advisors Pvt. Ltd. is the lead manager of the issue.
- Aman Agarwal
