Marco Cables IPO: GMP, subscription status on day 3, other key details

Marco Cables & Conductors Ltd IPO opened for subscription on Thursday, September 21, and will close today (Monday, September 25). Marco Cables IPO price band has been set at ₹36 per equity share of face value of ₹10 each. Marco Cables IPO lot size is 3000 equity shares and in multiples of 3000 equity shares thereafter.

Marco Cables & Conductors Ltd IPO details

A fresh issue of 2,601,000 equity shares totaling ₹9.36 crore and an offer for sale (OFS) component of 2,601,000 shares totaling ₹9.36 crore make up the ₹18.73 crore-worth Marco Cables IPO. Sumit Sugnomal Kukreja, Sugnomal Mangandas Kukreja, and Komal Sumit Kukreja are the company's promoters.

The company intends to use the net proceeds from the offering to fund its capital expenditure needs, including the procurement of a solar power system and a 1+12 rigid stranding machine, as well as general corporate objectives.

Shreni Shares Private Ltd is the book running lead manager of the Marco Cables IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.

According to the Red Herring Prospectus (RHP), the company is engaged in the business of manufacturing and selling of wires, cables and conductors in India, with an operating history of over 34 years in power cable industry in India.

The company recommends its operations with manufacturing of wires (with aluminium / copper conductor), XLPE /PVC cables, Aerial Bunched Cables, subsequently they included AAAC (All Aluminium Alloy Conductor) and ACSR (Aluminium Conductor Steel Reinforced) Conductors and have made our presence in the industry.

Marco Cables IPO Subscription Status

Marco Cables IPO Subscription Status today was 30.90 times on day 3. The issue received positive response from retail investors whose portion set was subscribed 35.24 times, and non-institutional buyers whose portion set was subscribed 24.36 times, according to data on chittorgarh.com.

The company has received bids for 15,18,21,000 shares against 5,202,000 shares on offer, according to data on chittorgarh.com.

Marco Cables IPO subscription status was 1.34 times on day 1, and the issue was subscribed 3.48 times on day 2.

Also Read: Marco Cables IPO: GMP, subscription status on day 2, other key details to know

Marco Cables IPO GMP today

Marco Cables IPO GMP today or grey market premium is +10, similar to the last three trading sessions. This indicates Marco Cables share price were trading at a premium of ₹10 in the grey market on Monday,  according to topsharebrokers.com

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Marco Cables share price is ₹46 apiece, which is 27.78% higher than the IPO price of ₹36.

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

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Marco Cables IPO Review

“The company is operating in a highly competitive and fragmented segment. It has posted static top lines for FY22 and FY23, but surprised with boosted bottom line for FY23. Based on FY23 super earnings, the issue appears fully priced. Well-informed/risk seekers may park funds for the medium to long term,” said Dilip Davda, the contributing editor at Chittorgarh.com.

Also Read: NewJaisa Technologies IPO: GMP, subscription status on day 1, other key details to know