Marco Cables IPO: GMP, subscription status on day 3, other key details | Mint
Active Stocks
Fri Feb 23 2024 15:58:13
  1. Tata Steel share price
  2. 145.50 -0.24%
  1. State Bank Of India share price
  2. 759.40 -0.86%
  1. HDFC Bank share price
  2. 1,420.90 0.08%
  1. NTPC share price
  2. 337.70 -0.54%
  1. ITC share price
  2. 411.60 -0.65%
Business News/ Markets / Marco Cables IPO: GMP, subscription status on day 3, other key details
BackBack

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

Marco Cables & Conductors Ltd IPO opened on Sep 21 and will close today. IPO price band is set at ₹36 per equity share.

Marco Cables & Conductors Ltd IPO opened for subscription on Thursday, September 21, and will close on today (Monday, September 25.) (www.5paisa.com)Premium
Marco Cables & Conductors Ltd IPO opened for subscription on Thursday, September 21, and will close on today (Monday, September 25.) (www.5paisa.com)

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.

Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! 

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

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 25 Sep 2023, 01:45 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

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

Let’s get started
Switch to the Mint app for fast and personalized news - Get App