Magson Retail and Distribution Lists at ₹91.15/Share with 40% Premium on NSE SME
Magson Retail and Distribution, a retail and distribution business specializing in gourmet, frozen food, and specialty foods, made a remarkable debut on the stock exchanges. The company’s shares were listed on the NSE SME platform at ₹91.15 per share, representing a significant 40% premium compared to the initial public offering (IPO) price of ₹65.
However, shortly after the listing, the stock experienced a decline and was locked at a lower circuit of ₹86.60 per share, a decrease of 5%.
During the subscription period from June 23 to 27, the IPO of Magson Retail and Distribution, based in Ahmedabad, was oversubscribed by 6.74 times. The retail category witnessed a subscription of 7.38 times, while the Other category saw a subscription of 6.09 times.
Magson Retail’s IPO comprised a fresh issue of 21,14,000 equity shares, amounting to ₹13.74 crore. The shares were offered at a fixed price of ₹65 per share.
ISK Advisors served as the lead manager for the IPO, and Bigshare Services acted as the IPO registrar.
As of March 31, 2023, Magson Retail and Distribution’s net worth increased to ₹9.26 crore from ₹5.74 crore in FY22 and ₹3.51 crore in FY21.
About Magson Retail:
Magson Retail operates in the retail and distribution industries, focusing on frozen, gourmet, and specialty foods. In December 2021, the company introduced its own collection of premium products called Rf Gourmet. This brand provides a variety of food items, such as French Fries, Chilli Garlic Potato Shots, Delhi Aloo Tikki, Veggie Burger Tikki, Chicken Seekh Kababs, and more.
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