Home / Markets / Ipo /  NSE SME IPO: MCON Rasayan India IPO fully subscribed within hours of opening on strong demand from retail investors

MCON Rasayan India Ltd's initial public offering (IPO) got fully subscribed within hours of opening on the first day. The MCON Rasayan India IPO opened on March 6 and will close on March 10. 

The company's total issue size was 17,10,000 equity shares. The company had fixed the price band at 40 per share. 

MCON Rasayan India IPO received strong response in the retail segment, as the retail investors portion was subscribed 23.41 times. The non-institutional (NII) investor portion was subscribed 7.42 times on Day 1. 

At the end of day one, for total issue size of 17,10,000 equity shares, the total bids received was 2,56,44,000 equity shares.

The minimum market lot for  3000 shares with 120,000 application amount. The IPO will list on NSE SME.

The promoter and promoter group shareholding will be 66.64 per cent post-IPO, from 91.45 per cent pre-IPO. The company proposes to utilize the funds towards funding the working capital requirements of the company and General corporate purposes.

GYR Capital Advisors Private Limited was the lead manager to the issue.

MCON Rasayan India Ltd, incorporated in 2013, specializes in manufacturing, marketing, and distributing contemporary building materials and construction chemicals.

It has more than 80 product portfolio that caters to various construction applications, from foundation to finishing.

The company had introduced eight innovative products in the past three years either independently or in consultation with their clients.

It has two manufacturing units and presence in three states, majorly in Maharashtra, Gujarat and Rajasthan with 100 distributors and 1300 retailers.

The products are marketed and sold under the “MCON" brand and their clients are developers, civil contractors and architects.

IPOs in March:

Divgi TorqTransfer Systems is the major IPO in March. The automotive component IPO was subscribed 5.44 times by the last day of offer that opened on Wednesday, March 1, 2023 and concluded on Friday, March 3, 2023. The 412 crore-offer received bids for 2,08,87,225 shares against 38,41,800 shares on offer, as per NSE data.

The other SME IPO to that opened in March were Systango Technologies, and Vertexplus Technologies.

The IPO of Systango Technologies is set to opened on March 2, 2023 and closed on March 6. The company has fixed the price at 85-90 per share., while Vertexplus Technologies also opened on March 2 and close on March 6, 2023. The company has fixed the price band for the IPO at 91-96 per share.


Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
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
Recommended For You

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

Let’s get started
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout