Manglam Infra and Engineering IPO is an SME IPO that opened for subscription on Wednesday, July 24, and will close on Friday, July 26. The IPO allotment is expected to be finalized on July 29 and the IPO listing is slated to take place on July 31.

Manglam Infra and Engineering IPO Day 3: Key Updates on Subscription and GMP

The IPO for Manglam Infra and Engineering Ltd, which opened on July 24, has seen high demand and will close today, July 26. The public issue is heavily oversubscribed, particularly by retail and non-institutional investors.

Subscription Status

As of Friday afternoon, the IPO was subscribed 168.13 times, with bids for 51.88 crore shares against the 30.86 lakh shares on offer. The retail category was subscribed 202.61 times, the QIB category 52.59 times, and the NII category 241.88 times.

GMP

The grey market premium (GMP) for Manglam Infra IPO has risen to ₹50 per share, indicating shares are trading at ₹106 in the grey market, 90% above the issue price of ₹56.

IPO Details

The IPO opened on July 24 and closes on July 26. The allotment is expected on July 29, with listing on NSE SME on July 31. The price band is ₹53-56 per share, with a lot size of 2,000 shares, requiring a minimum investment of ₹112,000. The company aims to raise ₹27.62 crore from the fresh issue of 49.32 lakh equity shares.

Company Background

Manglam Infra and Engineering Ltd offers design, engineering, procurement, construction, and integrated project management services for infrastructure projects. Promoters include Yogendra Kumar Singh, Ajay Verma, Nisha Singh, and Seema Verma. The company reported a net profit of ₹6.76 crore on a revenue of ₹40.50 crore for FY24, up from ₹5.54 crore and ₹34.78 crore in FY23.

Unistone Capital Pvt Ltd is the lead manager for the IPO, with Bigshare Services Pvt Ltd as the registrar.

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