Marco Cables shares make a tepid debut; lists at 7.5% premium at ₹38.70 on NSE SME

Marco Cables share price listed on NSE SME at a premium on Thursday. On NSE SME, Marco Cables & Conductors Limited share price today was listed at ₹38.70 per share, 7.5% higher than the issue price of ₹36.

Following a tepid listing, Marco Cables share price was locked in 5% upper limit on Thursday. Marco Cables share price touched intraday high of ₹40.60 and low of ₹37.05.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Marco Cables IPO price band was set at ₹36 per equity share of face value of ₹10 each. Marco Cables IPO lot size was 3000 equity shares and in multiples of 3000 equity shares thereafter.

Also Read: Marco Cables IPO: GMP, subscription status on day 2, other key details to know

Marco Cables & Conductors Ltd IPO details

A fresh issue of 2,601,000 equity shares totalling ₹9.36 crore and an offer for sale (OFS) component of 2,601,000 shares totalling ₹9.36 crore make up the ₹18.73 crore-worth Marco Cables IPO. Sumit Sugnomal Kukreja, Sugnomal Mangandas Kukreja, and Komal Sumit Kukreja are the company's promoters.

Also Read: Cellecor Gadgets share price lists at ₹92, same as its IPO price on NSE SME

The company intends to use the net proceeds from the offering to fund its capital expenditure needs, including the procurement of a solar power system and a 1+12 rigid stranding machine, as well as general corporate objectives.

Shreni Shares Private Ltd is the book running lead manager of the Marco Cables IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.

According to the Red Herring Prospectus (RHP), the company is engaged in the business of manufacturing and selling of wires, cables and conductors in India, with an operating history of over 34 years in power cable industry in India.

Also Read: Yatra Online share price rebounds from intraday low. Buy, hold or exit?

Marco Cables IPO GMP today

Marco Cables IPO GMP today or grey market premium is +6. This indicates Marco Cables share price were trading at a premium of ₹6 in the grey market on Thursday, according to topsharebrokers.com

Also Read: Hi-Green Carbon share price debuts at a mere 2.7% premium at ₹77 on NSE SME

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Marco Cables share price was indicated at ₹42 apiece, which is 16.67% higher than the IPO price of ₹36.

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

Also Read: Yatra Online share price opens at 10% discount at ₹127.50 on NSE