M.R.Maniveni Foods IPO listing: Shares of M.R.Maniveni Foods made a disappointing debut on the BSE SME platform on Monday, 1 June, listing at an over 18% discount to the initial public offering (IPO) price.
M.R.Maniveni Foods share price listed at ₹42.55, down ₹9.45 or 18.17% compared with the offer price of ₹52. Soon after listing, however, the SME stock recovered a bit. It touched the day’s peak of ₹44.66, rising almost 5% from the listing price but remained below its offer price.
The listing was significantly below expectations as signalled by the grey market premium (GMP). M.R.Maniveni Foods IPO GMP was nil, suggesting listing at no discount or premium.
M.R.Maniveni Foods IPO details
M.R.Maniveni Foods IPO was open for bidding from 22 May till 26 May. The company was looking to raise ₹27 crore via the share sale. The offer was subscribed 1.51 times at the end of the subscription period.
The retail investors’ portion was booked 2.06 times, while the non-institutional investor (NII) portion received 1.88 times bids. The offer price band was set at ₹51 to ₹52.
The SME IPO was entirely a fresh issue of 0.52 crore shares, meaning that all proceeds raised will go to the company. The company plans to use the proceeds from the IPO for funding capex towards the construction of the factory, purchase of the plant and machinery and general corporate purposes.
Investors could apply for the offer in lots of 2,000 shares. A retail investor needed to apply for at least two lots, resulting in a payout of ₹2,08,000 at the upper end of the issue. The allotment for M.R.Maniveni Foods IPO was finalised on 27 May.
Capital Square Advisors acted as the book-running lead manager, and Bigshare Services is the registrar of the issue.
M.R.Maniveni Foods is engaged in the business of processing, packaging, and distribution of food products. The company focuses on offering quality, safe, and hygienically prepared food items catering to diverse consumer preferences.
Disclaimer: This story is for educational purposes only. We advise investors to check with certified experts before making any investment decisions.
