Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Markets / Ipo/  MCON Rasayan India IPO Day 2: Issue oversubscribed 74.45x, check GMP signals
BackBack

MCON Rasayan India IPO Day 2: Issue oversubscribed 74.45x, check GMP signals

The initial public offering (IPO) of MCON Rasayan India Ltd. began on March 6 and ends on March 10.

Retail investors can apply for up to 1 lot, or 3000 shares or ₹120,000, of the MCON Rasayan IPO because the lot of size is 3000 shares.Premium
Retail investors can apply for up to 1 lot, or 3000 shares or 120,000, of the MCON Rasayan IPO because the lot of size is 3000 shares.

The initial public offering (IPO) of MCON Rasayan India Ltd. began on March 6 and ends on March 10. The company's total issue size comprised 17,10,000 equity shares. The price range was set by the firm at Rs. 40 per share. The MCON Rasayan IPO received a 74.45 times oversubscription on day 2. On March 8, 2023, the public offering received 115.87 times as many retail subscriptions as well as 33.03 times as many NII subscriptions.

The retail investors component of the MCON Rasayan India IPO had a positive reaction, being subscribed 23.41 times. The non-institutional (NII) investor portion was subscribed 7.42 times on Day 1. The total number of bids received for the 17,10,000 equity share total issuance at the end of day one was 2,56,44,000 equity shares. On 06 Mar 2023 (Day 1), MCON Rasayan India IPO subscribed 32.65x by Retail Individual Investor (RII) and 16.23x by Non - Institutional Investor (NII), however, on 08 Mar 2023 05:07 PM (Day 2), MCON Rasayan India IPO subscribed 115.87x by RII and 33.03x by NII.

Retail investors can apply for up to 1 lot, or 3000 shares or 120,000, of the MCON Rasayan IPO since the lot size is 3000 shares. A SME IPO with 1,710,000 equity shares with a face value of 10 and a total value of up to 6.84 Crores is MCON Rasayan IPO.

The grey market premium (GMP) trading typically begins 3–4 days before the IPO opens and lasts until the listing day; in the case of the MCON Rasayan IPO, the GMP began on February 27, 2023, at a price of 27. However, MCON Rasayan India latest IPO GMP today is 26 and considering the price band of 40, the proposed listing price for the MCON Rasayan India SME IPO is 66 (today's GMP + issue price of 40). Hence, a listing premium of a very significant and substantial 65% over the listing price can be seen in the estimated gain/loss per share for MCON Rasayan India Limited.

Modern building materials and construction chemicals are the focus of 2013-founded MCON Rasayan India Limited, which also markets and distributes them. With 100 distributors and 1300 retailers, it has two production facilities and operations in three states, mostly in Maharashtra, Gujarat, and Rajasthan.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 08 Mar 2023, 09:56 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie