Home / Markets / Ipo /  Mcon Rasayan IPO sees 93x oversubscription, 2 more days to bid. Check latest GMP

The initial public offering (IPO) of MCON Rasayan India Limited opened for public subscription early this week on Monday, March 6, 2023 and the initial share sale will conclude on Friday, March 10, 2023. The price of the SME issue has been fixed at 40 per share for the total Issue size of 17,10,000 equity shares.

As of 12:15 pm on Thursday, MCON Rasayan IPO has been oversubscribed 93 times, with 146 times bid in the retail category, 40 times in the NII category, as per the exchange data.

As per market observers, MCON Rasayan shares have been commanding a premium (GMP) of 21-22 in the grey market today. The shares of the company are expected to list on NSE SME platform on Monday, March 20, 2023. The SME platform of the exchanges is intended for small and medium sized companies.

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

MCON Rasayan India Limited specializes in manufacturing, marketing, and distributing contemporary building materials and construction chemicals. Incorporated in 2013, MCON Rasayan India Ltd, has two manufacturing units in Valsad and Navsari, Gujarat and presence in three states, majorly in Maharashtra, Gujarat and Rajasthan. The products are marketed and sold under the "MCON" brand. Mahesh Ravji Bhanushali is the promoter of the company.

GYR Capital Advisors Private Limited is the Lead Manager to the Issue whereas Link Intime India Private Ltd is the registrar of the public offer.

“Given the price band of INR 40, the estimated listing price could be INR 61-62, based on the trend of the last 14 sessions of grey market activities, the IPO GMP indicates an upside. MRIL's IPO offers investors an opportunity to participate in the growth story of a well-established player in the modern building materials and construction chemicals business. The company's diversified product portfolio, expanding manufacturing capacity, and established distribution network make it an attractive investment proposition," said Krishna Raghavan, Founder, UnlistedKart.

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