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Business News/ Markets / Ipo/  Mandeep Auto Industries share price makes a weak debut, stock opens with 7% discount at 62.25 apiece on NSE SME
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Mandeep Auto Industries share price makes a weak debut, stock opens with 7% discount at ₹62.25 apiece on NSE SME

Mandeep Auto Industries share price had a lackluster debut on NSE SME, starting at ₹62.25, a 7.63% premium over the issue price of ₹67. The IPO subscription period ran from May 13 to May 15, with a price band of ₹67 and 77.23 times subscription status.

Mandeep Auto Industries share price lists on NSE SME today. (https://www.mandeepindustries.com/)Premium
Mandeep Auto Industries share price lists on NSE SME today. (https://www.mandeepindustries.com/)

Mandeep Auto Industries share price made a weak debut on NSE SME today. Mandeep Auto Industries share price opened at 62.25, which is 7.63% higher than the issue price of 67.

Mandeep Auto Industries IPO subscription period was scheduled from Monday, May 13, until Wednesday, May 15. Mandeep Auto Industries price band was set at 67, with a face value of 10. Each lot in the Mandeep Auto Industries IPO had 2,000 shares. Mandeep Auto Industries IPO subscription status on the last day of bidding was 77.23 times, as per chittorgarh.com.

The equity share allocation for the IPO is as follows: up to 17,88,000 equity shares are available to non-institutional investors (NII), up to 17,90,000 equity shares are offered to retail individual investors, and up to 1,90,000 equity shares are available to market makers.

Also Read: Mandeep Auto Industries IPO: Check latest GMP, subscription status on day 3, other details

The company manufactures and supplies sheet metal components, auto parts, and various sprocket gears and machined components that are used in a variety of industries, including the tractor industry, autos, railroads, military, machine tools, and the do-it-yourself market. From their manufacturing unit, the firm produces these goods.

The company's listed peers are Kranti Industries Ltd (with a P/E of 38.39), Porwal Auto Components Ltd (with a P/E of (96.59), and Lumax Auto Technologies Ltd (with a P/E of 44.24).

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 goals include the following: purchasing machinery and equipment; expanding the current production facility in Faridabad, Haryana; and erecting a new building on the site next to the existing manufacturing unit. Paying back or ahead of schedule some of the company's borrowings; meeting the needs for working capital; and General corporate purposes.

The Mandeep Auto Industries IPO's book running lead manager is Jawa Capital Services Private Limited, while the issue's registrar is Cameo Corporate Services Limited. Aftertrade Broking is the market maker for the IPO of Mandeep Auto Industries.

Also Read: Mandeep Auto Industries IPO opens next week: From price band to key dates - all you need to know

Mandeep Auto Industries IPO GMP today

Mandeep Auto Industries IPO GMP or grey market premium is +4. This indicates Mandeep Auto Industries share price were trading at a premium of 4 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Mandeep Auto Industries share price was indicated at 71 apiece, which is 5.97% higher than the IPO price of 67.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Mandeep Auto IPO allotment out today; latest GMP, 5 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: 21 May 2024, 10:06 AM IST
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