My Mudra Fincorp share price makes a positive debut, stock opens with 18% premium at ₹130 apiece on NSE SME

My Mudra Fincorp share price made a positive debut on NSE SME today. My Mudra Fincorp share price today opened at ₹130, which is 18.18% higher than the issue price of ₹110.

The My Mudra Fincorp IPO subscription period started on Thursday, September 5, and ended on Monday, September 9. The price band for each share of the IPO was between ₹104 and ₹110, with a face value of ₹10. There were multiple shares available, and bidders could apply for a minimum of 1200 shares. My Mudra Fincorp IPO subscription status was 102.48 times on the last bidding day.

Founded in 2013, My Mudra Fincorp Ltd serves as a Channel Partner (DSA) for significant Indian banks and NBFCs.

The business focuses in offering a large selection of financial items for sale and distribution. As a channel partner, the firm provides credit cards, unsecured loans (such as business and personal), professional loans, and secured loans (such house and property loans) to the clients who are recommended. Additionally, the business now offers insurance product sales as one of its expanding offerings.

As per the red herring prospectus (RHP), the company's sole listed peer is Akiko Global Services Ltd (with a P/E of 16.15).

From March 31, 2024, to March 31, 2023, My Mudra Fincorp Limited's profit after tax (PAT) climbed by 141%, while revenue increased by 33%.

My Mudra Fincorp IPO details

The Mudra Fincorp IPO, valued ₹33.26 crore, includes a fresh issuance of 3,024,000 equity shares with a face value of ₹10. There is no "offer for sale" component.

The company plans to use the funds raised from the issuance for the following purposes: repaying a portion of specific loans obtained by the company, investing in the development of technology and digital infrastructure, addressing Working Capital needs, and for general corporate purposes.

My Mudra Fincorp IPO's book running lead manager is Hem Securities Limited, while the issue's registrar is Skyline Financial Services Private Ltd. Hem Finlease is the market maker for My Mudra Fincorp's first public offer.

My Mudra Fincorp IPO GMP today

My Mudra Fincorp IPO GMP is +36. This indicates My Mudra Fincorp share price were trading at a premium of ₹36 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 My Mudra Fincorp share price was indicated at ₹146 apiece, which is 32.73% higher than the IPO price of ₹110.

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

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