Magenta Lifecare Limited IPO closes with bumper subscription: Issue booked 983 times, NIIs subscribe over 1100x

Magenta Lifecare Limited IPO subscription saw strong demand from investors across categories as the public issue was subscribed over 983 times on the final day of bidding on Friday, June 7.

The initial public offer of Magenta Lifecare Limited received bids for more than 186.42 crore shares, against 18.96 lakh shares on offer, according to BSE data.

The mattress maker’s IPO garnered significant interest from the non-institutional investor (NII) category. The NII category was subscribed 1,145.88 times with bids for 108.63 crore shares compared to the 9.48 lakh shares on offer.

Retail investors placed bids for 73.79 crore shares against the 9.48 lakh shares set aside for the category, leading to a subscription of 778.4 times.

Qualified Institutional Buyers (QIBs) placed bids for 3.99 crore shares on the final day of bidding.

Magenta Lifecare IPO was open for subscription from Wednesday, June 5 to Friday, June 7.

Magenta Lifecare Limited IPO price band, lot size and registrar

Magenta Lifecare IPO is an entirely fresh issue of 20 lakh shares worth ₹7 crore. Magenta Lifecare IPO price was fixed at ₹35 per share.

The minimum application size for retail investors was of a single lot comprising 4,000 shares, aggregating to an investment of ₹1,40,000. The minimum investment for High Net-worth Individuals (HNIs) was 2 lots comprising 8,000 shares, amounting to ₹2,80,000.

The book-running lead manager for the public issue is Fedex Securities Pvt Ltd. The registrar for the issue is Cameo Corporate Services Limited and the market maker for the issue is Sunflower Broking.

Magenta Lifecare Limited IPO share allotment status and listing date

The share allotment status for Magenta Lifecare Limited’s shares will be finalised by Monday, June 10. Refunds will be initiated to the accounts for unsuccessful bidders on Tuesday, June 11, and shares will be credited to the demat accounts of successful bidders on the same day. The tentative listing date for the company’s shares is Wednesday, June 12.

About Magenta Lifecare Limited

The mattress manufacturer plans to use the money raised through the public issue for funding its working capital requirements and for other general corporate purposes.

Magenta Lifecare is a maker of foam-based products such as mattresses and pillows. The company sells its products under the ‘Magenta’ brand name in India. The Gujarat based company was incorporated in 2015, the company currently employs 41 people as on the date of the prospectus.

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