The Initial Public Offering (IPO) of MCON Chemicals India Limited got fully subscribed within hours of opening on the first day. The IPO of MCON Rasayan India will open on March 6 and close on March 10.
The total issue size of the company was 17,10,000 equity shares. The company had fixed the price band 40 per share.
Amcon Chemicals India IPO The retail segment witnessed a strong response as retail investors’ portion was subscribed 23.41 times. The non-institutional (NII) investor portion was subscribed 7.42 times on the first day.
At the end of the first day, the total bids received were for 2,56,44,000 Equity Shares, for a total issue size of 17,10,000 Equity Shares.
Minimum market lot for 3000 shares 120,000 application amount. The IPO will be listed on NSE SME.
Post IPO, the shareholding of the promoter and promoter group will increase from 91.45 per cent to 66.64 per cent. The company proposes to utilize the funds for financing the working capital requirements of the company and general corporate objectives.
GYR Capital Advisors Private Limited was the Lead Manager to the Issue.
MCON Chemicals India Limited, incorporated in 2013, specializes in manufacturing, marketing and distribution of contemporary building materials and construction chemicals.
It has a portfolio of over 80 products that cater to various construction applications from foundation to finish.
The company had introduced eight innovative products in the last three years, either independently or in consultation with its customers.
It has two manufacturing units and presence in three states, mainly in Maharashtra, Gujarat and Rajasthan with 100 distributors and 1300 retailers.
The products are marketed and sold under the “MCON” brand and their customers are developers, civil contractors and architects.
IPO in March:
Divgi TorqTransfer Systems The biggest IPO is in March. The automotive components IPO was subscribed 5.44 times till the last day of the offer which opened on Wednesday, March 1, 2023 and ended on Friday, March 3, 2023. 412 crore-offer received bids for 2,08,87,225 shares against 38,41,800 shares on offer, according to NSE data.
Other SME IPOs that opened in March were Cistango Technologies and VertexPlus Technologies.
Systango Technologies’ IPO will open on March 2, 2023 and close on March 6. Company fixed price 85-90 per share., while VertexPlus Technologies also opened on March 2 and closed on March 6, 2023. The company has fixed the price band for the IPO. 91-96 per share.
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