MCON Rasayan India IPO Day 3: Check subscription status and GMP
2 min read . Updated: 09 Mar 2023, 11:14 PM IST
Premium- On Monday, March 6, 2023, public subscription for MCON Rasayan India Limited's initial public offering (IPO) commenced.
On Monday, March 6, 2023, a public subscription for MCON Rasayan India Limited's initial public offering (IPO) commenced. The initial share sale will end on Friday, March 10, 2023. For the aggregate issue size of 17,10,000 equity shares, the pricing for the SME issuance has been set at ₹40 per share. The IPO's day third subscription session on Thursday had the highest subscription since the commencement of public subscription.
MCON Rasayan IPO received 157.91 subscriptions on Thursday. On Mar. 9, 2023, 9:44 p.m., the public issue received 241,77 subscriptions in the retail category and 72,04 in the NII category. MCON Rasayan India IPO received 32.71x from Retail Individual Investors (RII) and 16.23x from Non-Institutional Investors (NII) on March 6, 2023 (Day 1), bringing the net subscription to 24.47x; however, on March 8, 2023 at 05:07 PM (Day 2), MCON Rasayan India IPO received 115.87x from RII and 33.03x from NII, resulting in an oversubscription of 74.
Market watchers report that today's grey market premium (GMP) for MCON Rasayan shares is ₹24. According to the grey market today as of March 9th 2023 12:12 PM, the projected listing price for the MCON Rasayan India SME IPO is ₹64 conveyed at the price band of 40, and the expected premium was seen at an upside level of 60.00%.
On Monday, March 20, 2023, the company's shares are anticipated to list on the NSE SME platform. 155.8741 subscriptions have been made for the MCON Rasayan India SME IPO as of March 9, 2023 and 252516000 shares total bid received. Retail subscription for the MCON Rasayan India SME IPO has been made 237.8667 times today and the total bid received for the retail category was 192672000 equity shares. The MCON Rasayan India SME IPO NII subscription was 73.8815 times and the total bid received for NII category was 59844000 shares.
The lead manager for the MCON Rasayan India SME IPO is GYR Capital Advisors Private Ltd. Advanced construction materials and chemicals are the focus of MCON Rasayan India Limited, a 2013 incorporation that specialises in manufacturing, marketing, and distribution.
MCON Rasayan India Ltd.'s overall SME IPO included the issuance of 17.10 lakh shares at a price of Rs. 40 per share, for a maximum of Rs. 6.84 crore. The stock has a face value of Rs. 10, and retail buyers can only place bids in lots of 3,000 shares or less, which requires a minimum investment in the initial public offering of Rs. 120,000.