Manglam Infra and Engineering share price hits 5% upper circuit after stellar listing

Manglam Infra and Engineering share price was locked at 5% upper circuit after making a stellar stock market debut on Wednesday. Manglam Infra and Engineering shares were listed at ₹106.40 apiece on NSE SME, a premium of 90% to the issue price of ₹56 per share.

Soon after the Manglam Infra and Engineering IPO listing, the stock rallied and was locked at 5% upper circuit limit at ₹111.70 apiece.

Manglam Infra and Engineering IPO listing was in-line with the street estimates. Ahead of the listing, Manglam Infra and Engineering IPO GMP today, or grey market premium, was 92%.

Manglam Infra And Engineering IPO opened for subscription on Wednesday, July 24, and closed on Friday, July 26. The IPO allotment was finalized on July 29 and the IPO listing date is today. Manglam Infra And Engineering shares got listed on NSE SME on July 31.

The company raised ₹27.62 crore from the book-built issue which was entirely a fresh issue of 49.32 lakh shares.

Manglam Infra And Engineering IPO price band was set at ₹53 to ₹56 per share. The IPO lot size was 2,000 shares. The issue received strong response from investors, the IPO subscription data showed.

Manglam Infra And Engineering IPO was subscribed 394.42 times in total as the public issue received bids for 121.71 crore equity shares as compared with 30.86 lakh shares offered.

The IPO was subscribed 371.72 times in the retail category, 163.04 times in the Qualified Institutional Buyers (QIB) category, and 756.73 times in the Non-Institutional Investors (NII) category.

Unistone Capital Pvt Ltd is the book running lead manager of the Manglam Infra And Engineering IPO, while Bigshare Services Pvt Ltd is the IPO registrar.

Manglam Infra and Engineering Ltd helps manage infrastructure projects and offers design, engineering, procurement, construction, and integrated project management services. Yogendra Kumar Singh, Ajay Verma, Nisha Singh and Seema Verma are the promoters of the company.

Manglam Infra and Engineering Ltd reported a net profit of ₹6.76 crore upon a revenue of ₹40.50 crore in FY24. The company’s net profit in FY23 was ₹5.54 crore and revenue was at ₹34.78 crore.

At 11:35 am, Manglam Infra and Engineering shares were still locked at 5% upper circuit at ₹111.70 apiece on NSE SME.