The initial public offering (IPO) of Mangal Compusolution, which opened for subscription on Tuesday, has been subscribed 14.61 times on the final day of the bidding process.
As of 12:11 am, the issue has received bids for 4,99,80,000 shares, representing a 14.61 times subscription. The highest demand was driven by retail investors, who subscribed to the issue 23.82 times, followed by non-institutional investors (NIIs), at 5.41 times subscription. Qualified institutional buyers (QIBs) were yet to bid.
The GMP of Mangal Compusolution is currently Rs 6-7 in the unlisted markets, which indicates a premium of 13% over the issue price.
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Mangal Compusolution IPO size
The IPO is entirely a fresh equity sale of 36.06 lakh shares and through the issue, the company plans to raise about Rs 16 crore.
Mangal Compusolution IPO price band
The company is offering its shares at Rs 45 apiece, and investors can bid for 3,000 shares in one lot.
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Mangal Compusolution GMP
In the unlisted market, the company’s shares were trading at a GMP of Rs 6-7, indicating a premium of 13% over the issue price.
Other details
The company is actively involved in the business of renting and selling IT hardware equipment, offering comprehensive end-to-end IT equipment services across India. Its services encompass the rental of a diverse range of IT equipment, including servers, laptops, desktops, printers, projectors, router-switches, workstations, Plasma/LCD TVs, PA Systems, and various accessories.
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The IT & BPM sector has become one of the most significant growth catalysts for the Indian economy, contributing significantly to the country’s GDP and public welfare. The IT industry accounted for 7.4% of India’s GDP in FY22, and it is expected to contribute 10% to India’s GDP by 2025.
The net proceeds from the public offer will be used for capital expenditure and general corporate purposes.
For the period ended June 2024, the company clocked total revenues of Rs 4.08 crore and net profit of Rs 80 lakh.
The final allotment will likely be made on November 18. The company’s shares will likely get listed on November 20. Jawa Capital Services is the lead manager to the issue and Kfin Technologies is the registrar.
