Macfos Limited’s initial public offering (IPO) will kick off for subscription on Friday, February 17. The Pune-based e-commerce company is looking to mop up Rs 23.74 crore from its initial stake sale. The company will be selling its shares in the range of Rs 96-102 apiece.
Macfos’ IPO is entirely an offer-for-sale (OFS) of up to 23.28 lakh equity shares with a face value of Rs 10 each. The issue can be subscribed till Tuesday, February 21. The company’s shares are likely to get listed at the bourses on March 1, 2023.
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The issue is an SME offering, which will be listed at BSE’s SME platform. The lot size is fixed for 1,200 equity shares amounting to Rs 1,22,440. Retail investors can make a bid for a single lot only, whereas HNI investors can bid for a maximum of 2 bids.
Macfos provides a wide variety of more than 12,000 electrical components through its website and mobile app Robu.in. It makes it easier to accelerate the product prototype and R&D cycles. Its customer base includes corporate clients and retail clients like electrical and mechanical engineering students, educational institutions, researchers, and developers.
Products from the company are utilized in engineering projects and products, including those using cutting-edge technologies like the IoT, robotics, automation, drones, electric vehicles, 3D printing, and auto-guiding vehicles.
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The company has reserved 50 per cent of shares for qualified institutional investors, whereas non-institutional investors (NIIs) have been given a 15 per cent reservation. The remaining 35 per cent of shares will be allocated to retail investors.
Ahead of the issue, the company is commanding a premium of Rs 62 apiece, signaling a premium of about 60 per cent over its upper range of the price band.
Hem Securities is the book-running lead manager for the issue, whereas Bigshare Services has been appointed as the registrar to the issue.
