Magenta Lifecare IPO subscribed over 515 times on Day 3 so far; check key dates

Magenta Lifecare IPO (initial public offering) has received a solid response from investors, with the issue being subscribed more than 515 times on the final day of subscription.

The BSE SME IPO, which opened for subscription on June 5 and will close on June 7 at 5 pm, has received bids for more than 97 crore shares against 18.96 lakh shares on offer.

The issue was subscribed 515.82 times until 2:15 pm, with non-institutional buyers bidding 489 times the allotted quota and retail investors subscribing 527 times the portion set aside for them.

The Magenta Lifecare IPO, worth ₹7 crore, is a fixed-price issue at 35 per share. The funds are being raised via the fresh issuance of 20 lakh equity shares.

The proceeds from the IPO will be used for working capital requirements and for other general corporate purposes.

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Retail investors can bid for at least one lot of 4,000 shares valued at ₹1.40 lakh. High-net-worth individuals can bid for a minimum of two lots of 8,000 shares, amounting to ₹2.80 lakh.

Fedex Securities Pvt Ltd is the book-running lead manager for the issue, while Sunflower Broking is the market maker.

Magenta Lifecare IPO: Key dates

• Subscription date: June 5-June 7
• Allotment finalisation: June 10
• Refund initiation: June 11
• Demat transfer: June 11
• Magenta Lifecare IPO listing: June 12

About Magenta Lifecare

Established in 2015, Magenta Lifecare manufactures foam-based products, such as mattresses and pillows, under the brand name 'Magenta'.

Its offerings include memory foam, bonded mattresses, latex-based, pocketed springs, and pillows like memory foam pillows, moulded contour foam pillows, and moulded memory foam pillows. The company's products are used by retail customers, hotels, and institutions. As of the date of the prospectus, the company had 41 employees.

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