Magenta Lifecare IPO booked 91 times on day 2 on high retail demand: Check subscription status

Magenta Lifecare IPO subscription continued to see a strong demand from the investors across categories on the second day of bidding on Thursday, June 6. The initial public offer of Magenta Lifecare Ltd was subscribed more than 91 times on day 2.

The BSE SME public issue received bids for over 17.3 crore shares against 18.96 lakh shares on offer, leading to an overall subscription of 91.28 times till 3:30 pm, as per the BSE data.

The IPO of the mattress and pillow manufacturer received bids for over 14.19 crore shares from the retail investors compared to 8.96 lakh shares on offer. The retail portion was booked nearly 150 times.

The Non-Institutional Investors (NIIs) placed bids for over 4.22 crore shares against 9.48 lakh shares reserved for them leading to a subscription of 44.59 times booking.

The issue received 1.2 lakh bids from the Qualified Institutional Buyers (QIB).

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Magenta Lifecare Limited IPO dates, offer size and other details

The mattress manufacturer’s IPO is a fixed price issue worth ₹7 crore. The company plans to raise the amount via a completely fresh issue of 20 lakh shares.

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

After the subscription period ends on June 7, Magenta Lifecare Ltd IPO share allotment status is likely to be finalised on June 10. Successful bidders will receive the shares of Magenta Lifecare Limited in their demat accounts on Tuesday, June 11, and refunds will be issued to the accounts of unsuccessful bidders the same day. Magenta Lifecare IPO listing date has been tentatively scheduled as June 12. The shares will be listed on the BSE SME platform.

Magenta Lifecare Limited IPO lot size, issue price and minimum investment

The issue price of Magenta Lifecare Limited IPO is ₹35 per share. Retail investors can apply for at least 1 lot of 4,000 shares which translates to a minimum investment amount of ₹1,40,000. High networth Individuals can make a minimum bid for 2 lots of 8,000 shares, aggregating to ₹2,80,000.

Magenta Lifecare Limited IPO objective

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

About Magenta Lifecare Limited

Magenta Lifecare is a Gujarat based manufacturer of mattresses and pillows. The company was incorporated in 2015 and sells its products under the brand name ‘Magenta’ in India. On the day of the prospectus the company employed 41 employees. The company’s clientele includes retailers, hotels and institutions.

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