Macfos IPO: Retail investors overbid 93 times. Check GMP, subscription status on day 2
2 min read . Updated: 20 Feb 2023, 05:38 PM IST
Premium- Macfos IPO: The three-day SME initial share sale will conclude on Tuesday, February 21, 2023
The initial public offering (IPO) of Macfos Ltd, which opened for public subscription on Friday, February 17, 2023, has been oversubscribed by 40.26 times on day 2, led by strong demand from retail investors. The three-day initial share sale, with the price band of the offer at ₹96 to ₹102 per share, will conclude on Tuesday, February 21, 2023.
Macfos IPO received 40.26 subscriptions. By February 20, 2023 at 4:57:00 PM, the public issue had received 93.42 subscriptions from retail buyers, 2.60 subscriptions from QIB buyers, and 55.49 subscriptions from NII buyers. The subscription period for the Macfos IPO opened on Friday, February 17, 2023, and will end on February 21, 2023. The Macfos IPO aims to raise about ₹23.75 crores with an NII quota of 15%, QIB of 50%, and a retail quota of 35%.
Macfos IPO is an SME issue, comprising of 2,328,000 equity shares of the face value of ₹10 aggregating up to ₹24 crore. The Offer comprises an Offer for Sale (OFS) by the Selling Shareholders. Atul Maruti Dumbre, Binod Prasad and Nileshkumar Purshottam Chavhan are the promoters of the company.
The company in its offer documents said that the selling shareholders will receive the entire proceeds from the OFS and the company will not receive any part of the proceeds of the issue.
As per market observers, Macfos shares are commanding a premium (GMP) of ₹82 in the grey market today. The shares of the company are expected to list on BSE SME on March 1, 2023. The SME platform of the exchanges is intended for small and medium sized companies. Bigshare Services Pvt Ltd is the registrar of the issue.
Macfos Limited is an e-commerce based Company marketing a broad range of 12000+electronic components through it’s website & mobile application Robu.in. The company’s Products are used in basic and advanced engineering products & projects, including emerging technologies such as IoT, Robotics, Automations, Drone, Electric Vehicles, 3D Printing and Auto Guided Vehicles.
"The company relies on third-party supplies and has no manufacturing centre of its own, even though the company has performed well in the last 18 months but sustaining these growths in the future can be a concern in the long term. Watching positive GMP, one can apply for the listing gains," said Manish Khanna, Co-Founder, of Unlisted Assets.