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Business News/ Markets / Ipo/  Megatherm Induction IPO Day 2: Issue subscribed 56.35 times; here's GMP and other details
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Megatherm Induction IPO Day 2: Issue subscribed 56.35 times; here's GMP and other details

Megatherm Induction IPO has received bids for 18,70,44,000 shares against 33,19,200 shares on the offer on the second day of bidding.

Megatherm Induction IPO. Photo: iStock (iStock)Premium
Megatherm Induction IPO. Photo: iStock (iStock)

The initial public offering (IPO) of small- and medium-sized enterprise (SME) Megatherm Induction received a good response from investors as the public issue was subscribed 56.35 times on the second day of bidding.

Megatherm Induction IPO opened for subscription on Monday, January 29 and will close on Wednesday, January 31. 

Also read: Baweja Studios IPO: Issue subscribed 21% so far on day 1; check GMP, other key details of SME IPO

Megatherm Induction Limited manufactures induction heating and melting products using electrical induction such as induction melting furnaces and induction heating equipment. Megatherm Induction is a subsidiary of Megatherm Electronics Private Limited.

The company also manufactures upstream and downstream equipment and machinery for steelworks, such as transformers, ladle refining furnaces, continuous casting machines, fume extraction systems, etc., as well as electric arc furnaces for the alloy and special steel industry.

Megatherm Induction IPO subscription status

Megatherm Induction IPO has received bids for 18,70,44,000 shares against 33,19,200 shares on the offer on the second day of the issue.

Also read: BLS E-Services IPO opens tomorrow: GMP rises, issue details, 10 key things to know

The SME public issue subscribed 87.75 times in the retail category, 1.53 times in QIB, and 56.15 times in the NII category, on the second day of bidding.

On the first day, the retail category of the Megatherm Induction IPO were subscribed over 19.38, received 3,21,67,200 applications against offered 16,59,600 shares. Meanwhile, QIB and NII was subscribed over 1 time and 9.17 times on the first day of subscription, according to data by Chittorgarh.com.

Megatherm Induction IPO GMP Today

Megatherm Induction GMP today, or grey market premium today, is 100 per share. This indicates that the Megatherm Induction shares were trading at a premium of 92.59% at 100 apiece on the GMP, as compared to its issue price of 108 per share.

Also read: Harshdeep Hortico IPO: From subscription status to GMP, all you need to know

Megatherm Induction IPO details

The small and medium enterprises (SME) IPO is a is a book built issue of 53.91 crores. The issue is entirely a fresh issue of 49.92 lakh shares.

Megatherm Induction IPO price band is set at 100 to 108 per share. The minimum lot size for an application is 1200 shares. The minimum amount of investment required by retail investors is 129,600. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to 259,200.

Not more than 50 percent of the issue is reserved for QIB, not less than 35 percent of the offer is reserved for retail investors and not less than 15 percent of the issue is reserved for NII (HNI) investors.

Also read: Mayank Cattle Food IPO: Check GMP, subscription status on day 1, review, other key details

The company had raised 15.36 crore from anchor investors on January 25. Meru Investment Fund, Bengal Finance and Investment and Chattisgarh Investments were among the participants in the anchor book round.

Hem Securities Limited is the book running lead manager of the Megatherm Induction IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Megatherm Induction IPO is Hem Finlease.

The allotment for the Megatherm Induction IPO is expected to be finalized on Thursday, February 1, 2024. Megatherm Induction IPO will list on NSE SME with tentative listing date fixed as Monday, February 5, 2024.

 

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Published: 29 Jan 2024, 08:33 PM IST
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