The equity share allocation for the IPO is as follows: non-institutional investors (NII) can pick up to 17,88,000 equity shares, retail individual investors can buy up to 17,90,000 equity shares, and market makers can get up to 1,90,000 equity shares.
The firm makes and provides sheet metal components, auto parts, sprocket gears, and machined components for use in a range of sectors, including tractors, automobiles, railroads, military, machine tools, and the do-it-yourself market. The corporation manufactures these things through its manufacturing facility.
The company’s listed peers are Kranti Industries Ltd (P/E of 38.39), Porwal Auto Components Ltd (P/E of 96.59), and Lumax Auto Technologies Ltd (P/E of 44.24).
Mandeep Auto Industries IPO subscription status
Mandeep Auto Industries IPO subscription status is 92%, on day 1.
The retail portion was subscribed 1.57 times, and NII portion was booked 26%.
The company has received bids for 32,76,000 shares against 35,78,000 shares on offer, according to data on chittorgarh.com.
Also Read: Silkflex Polymers IPO allotment likely to be out today. Latest GMP, steps to check status
Mandeep Auto Industries IPO details
Mandeep Auto Industries IPO, which is worth about ₹25.25 crore, consists of a fresh issue of 3,768,000 equity shares with a face value of ₹10. There is no offer-for-sale component.
The current issue’s aims include acquiring machinery and equipment, expanding the current production facility in Faridabad, Haryana, and constructing a new building adjacent to the existing manufacturing unit. Paying back or ahead of schedule some of the company’s borrowings; fulfilling working capital requirements; and other business reasons.
Jawa Capital Services Private Limited serves as the book running lead manager for the Mandeep Auto Industries IPO, while Cameo Corporate Services Limited acts as the issue’s registrar. Aftertrade Broking is the market maker for Mandeep Auto Industries’ initial public offering.
Tentatively, the Mandeep Auto Industries IPO basis of share allocation will be concluded on Thursday, May 16, and the business will commence refunds on Friday, May 17, with shares credited to allottees’ demat accounts on Friday. The Mandeep Auto Industries IPO shares are expected to be launched on NSE SME on Tuesday, May 21.
Mandeep Auto Industries IPO GMP today
Mandeep Auto Industries IPO GMP or grey market premium is +25. This indicates Mandeep Auto Industries share price were trading at a premium of ₹25 in the grey market, according to investorgain.com.
Given the top end of the IPO price band and the existing grey market premium, the expected listing price for Mandeep Auto Industries shares was ₹92 per, 37.31% more than the IPO price of ₹67.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Also Read: TGIF Agribusiness IPO allotment to be out today; latest GMP, steps to check status
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 13 May 2024, 04:30 PM IST
