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Home » Business » Macfos IPO Sees Strong Demand from Retail Investors; GMP, Subscription Status on Day 2

Macfos IPO Sees Strong Demand from Retail Investors; GMP, Subscription Status on Day 2

According to the company's offer documents, the selling shareholders will receive the entire proceeds from the OFS, with the company receiving no portion of the proceeds.

By Newsd
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Macfos IPO Sees Strong Demand from Retail Investors; GMP, Subscription Status on Day 2

Macfos IPO: Macfos Ltd’s initial public offering (IPO), which opened for public subscription on Friday, February 17, 2023, was oversubscribed more than eight times on day one, thanks to strong demand from retail investors. The three-day initial share sale, with a price range of 96 to 102 cents per share, will end on Tuesday, February 21, 2023.

According to BSE data, the public issue has been subscribed to 18.52 times in the retail category and 0.02 times in the qualified institutional buyers (QIBs) category, while non-institutional investors (NIIs) have yet to bid.

The Macfos IPO is a small and medium-sized enterprise (SME) offering of 2,328,000 equity shares with a face value of ten rupees, totaling up to 24 crore. The Selling Shareholders have made an Offer for Sale (OFS) as part of the Offer. The company’s promoters are Atul Maruti Dumbre, Binod Prasad, and Nileshkumar Purshottam Chavhan.

According to the company’s offer documents, the selling shareholders will receive the entire proceeds from the OFS, with the company receiving no portion of the proceeds.

According to market observers, Macfos shares are currently commanding a premium (GMP) of 82 in the grey market. The company’s shares are expected to be listed on the BSE SME on March 1, 2023. The exchanges’ SME platform is designed for small and medium-sized businesses. The issue’s registrar is Bigshare Services Pvt Ltd.

Macfos Limited is an e-commerce company that sells over 12000 electronic components via its website and mobile application Robu.in. Products from the company are used in basic and advanced engineering products and projects, including emerging technologies such as IoT, Robotics, Automation, Drone, Electric Vehicles, 3D Printing, and Auto Guided Vehicles.

“The company relies on third-party supplies and has no manufacturing centre of its own, even though the company has performed well in the last 18 months but sustaining these growths in the future can be a concern in the long term. “If the GMP is positive, one can apply for listing gains,” said Manish Khanna, Co-Founder of Unlisted Assets.

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