MCON Rasayan India Ltd IPO Fully Subscribed Within Hours of Opening on Day 1
MCON Rasayan India, a leading manufacturer, marketer, and distributor of contemporary building materials and construction chemicals, has announced that its initial public offering (IPO) got fully subscribed within hours of opening on the first day. The IPO opened on March 6 and will close on March 10, and has already received an overwhelming response from investors.
The company’s total issue size was 17,10,000 equity shares, and the price band was fixed at ₹40 per share. On Day 1, the retail investors portion was subscribed 23.41 times, while the non-institutional (NII) investor portion was subscribed 7.42 times.
By the end of Day 1, the total bids received for the total issue size of 17,10,000 equity shares was 2,56,44,000 equity shares. The IPO will list on NSE SME, and the minimum market lot is 3000 shares with an application amount of ₹120,000.
The promoter and promoter group shareholding will be 66.64 per cent post-IPO, from 91.45 per cent pre-IPO. The company plans to utilize the funds towards funding the working capital requirements of the company and general corporate purposes.
GYR Capital Advisors Private Limited was the lead manager to the issue.
MCON Rasayan India Ltd, which was incorporated in 2013, has a portfolio of more than 80 products that cater to various construction applications, from foundation to finishing. The company has introduced eight innovative products in the past three years either independently or in consultation with their clients. With two manufacturing units and a presence in three states, primarily in Maharashtra, Gujarat, and Rajasthan, the company has 100 distributors and 1300 retailers. The products are marketed and sold under the “MCON” brand, and the company’s clients include developers, civil contractors, and architects.
About MCON Rasayan India:
MCON Rasayan India Limited: A Top Supplier of Quality Construction Chemicals and Building Finishing Products. MCON Rasayan India Limited is a renowned manufacturer and supplier of top-notch construction chemicals and building finishing products in India and the global market. The company boasts of being certified as an ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 Company, which is a testament to their commitment to quality, environmental responsibility, and occupational health and safety.
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