Magenta Lifecare IPO share allotment expected on June 10; how to check status

Mattresses manufacturer Magenta Lifecare is expected to finalise the share allotment on Monday, June 10, following the successful subscription of its initial public offering.

The BSE SME IPO was open for subscription from June 5 to June 7. The public issue received a robust response from institutional as well as retail investors with the issue getting subscribed more than 983 times.

For subscribers who would not be allotted shares, the company will initiate refunds from Tuesday, June 11.

The IPO listing date has been tentatively fixed as June 12. Shares of Magenta Lifecare will be listed on the BSE SME platform.

Investors who have applied for shares can easily check the share allotment status on the websites of IPO registrar and the BSE.

Steps to check Magenta Lifecare share allotment on BSE website

Steps to check Magenta Lifecare IPO share allotment status on registrar website

It’s important to note that the name of the company will appear after the finalisation the allotment status.

Magenta Lifecare IPO details

Magenta Lifecare launched its IPO on June 5 to raise a total of ₹7 crore from public investors. The IPO comprised a fresh issue of 20 lakh shares.

Magenta Lifecare IPO price was fixed at ₹35 per share. The minimum lot size was 4,000 shares for retail investors. The minimum amount of investment was ₹140,000.

Of the net issue size of 18,96,000 equity shares of face value of ₹10 each, the company had reserved 9,48,000 equity shares for retail investors. Non-institutional investors were allocated 9,48,000 equity shares for subscription.

According to the exchange data, bids for 186.41 crore equity shares were received against 18.96 lakh shares on offer, translating into oversubscription of 983 times.

Retail investors’ portion was booked more than 778 times as bids for 73.79 crore shares were received against 9.48 lakh shares on offer.

Non-retail investors placed bids for 108.61 crore shares against 9.48 lakh on offer, resulting in a subscription of 1145 times.

Magenta Lifecare IPO Objective

The company has proposed to use the IPO proceeds of ₹4.24 crore for funding working capital requirements. It will use ₹1.74 crore for general corporate purposes.

About Magenta Lifecare

The company manufactures foam-based products such as mattresses and pillows which are marketed under the “Magenta” brand in India.

Its product portfolio include foam-based products such as memory foam, bonded mattresses, latex based, pocketed spring etc. and pillows such as memory foam pillow, moulded contour foam pillow and moulded memory foam pillow.