Magenta Lifecare IPO booked over 24 times on day 1: 5 key points to know before bidding

Magenta Lifecare Limited IPO witnessed a strong interest among the investors across all categories as the issue was fully booked within hours of launch. The initial public offering of the manufacturer of foam-based products was booked more than 24 times on the first day of bidding.

The BSE SME IPO received bids for over 4.64 crore shares against 18.96 lakh shares on offer, as per the BSE data.

In the retail category, IPO was subscribed 39.5 times with bids for more than 3.74 crore shares against 9.48 lakh shares set aside for the segment. In the non-institutional investor (NIIs) category the public issue was booked 9.42 times with applications for 89.36 lakh shares against 9.48 lakh shares reserved for the segment.

The Magenta Lifecare Ltd IPO is a fixed-price issue of ₹7 crore. It’s a fresh issue consisting of 20 lakh shares of a face value of ₹10 each.

Magenta Lifecare Ltd IPO offer size of 2 lakh shares includes a market maker portion of 1.04 lakh shares.

To know more and apply for Magenta Lifecare IPO, CLICK HERE

Magenta Lifecare IPO date

For those keen to apply for Magenta Lifecare IPO, the subscription window will remain open till Friday, June 7. Post that, the Magenta Lifecare IPO allotment status will be finalised on Monday, June 10. Refunds to unsuccessful applicants will be initiated on Tuesday, June 11, with the credit of shares to Demat accounts of successful bidders also occurring on the same day. The Magenta Lifecare IPO listing date is set for Wednesday, June 12.

Magenta Lifecare IPO Registrar

Fedex Securities Pvt Ltd is the book running lead manager for the Magenta Lifecare IPO, with Cameo Corporate Services Limited serving as the registrar for the issue. Sunflower Broking is the market maker for the Magenta Lifecare public issue.

Magenta Lifecare IPO price, lot size and minimum investment

Magenta Lifecare IPO price has been fixed at ₹35 apiece and the minimum lot size for an application is 4,000 shares. For retail investors the minimum investment is ₹1.4 lakh. High Net-worth Individuals (HNIs) need to apply for two lots of 8,000 shares, aggregating to a minimum investment of ₹2.8 lakh.

Divyesh Modi and Khyati Modi are the promoters of Magenta Lifecare IPO. Before the issue, their shareholding stood at 84.06%, which will reduce to 59.59% post-issue.

Magenta Lifecare IPO objectives

Magenta Lifecare intends to use the net proceeds from the issue for specific purposes. The company will direct a portion of the proceeds towards funding its working capital requirements. Apart from that, a portion of the proceeds will be allocated to cover general corporate expenses.

About Magenta Lifecare Limited

Magenta Lifecare Limited manufactures mattresses and pillows. The company, established in 2015, operates under the brand ‘Magenta’ and offers a diverse range of foam-based products across India. Its product line includes various types of mattresses, such as memory foam, latex-based, bonded mattresses, and pocketed springs. The company also provides a range of pillows, such as memory foam pillows, moulded memory foam pillows, and moulded contour foam pillows. The company’s manufacturing facility is located in Gujarat.

To know more about IPOs listing, schedule and upcoming IPOs, click here