Mandeep Auto Industries IPO booked over 76 times on day 3: Check subscription, allotment and listing

The initial public offering (IPO) of Mandeep Auto Industries Ltd was subscribed more than 76 times on the final day of bidding on Wednesday, May 15.

According to exchange data, the ₹25.25-crore public issue of automotive and industrial components manufacturer received bids for more than 26.23 crore shares against 35.78 lakh shares on offer on the final day of bidding, indicating an overall subscription of 76.1 times.

Retail investors’ portion was booked 90.57 times with biddings for 16.2 crore shares against 17.89 lakhs shares on offer. The non-retail investors’ category was booked 61 times. Applications for over 11 crore shares were received against 17.89 lakh shares on offer.

Among non-retail investors, qualified institutional buyers (QIBs) placed bids for 41,84,000 shares. Non-Institutional Investors (NIIs) applied for a total of 10.61 crore shares.

Mandeep Auto Industries IPO details

Mandeep Auto Industries launched its public offer on May 13 to raise a total of ₹25.25 crore from public shareholders. The IPO, a fixed price issue, comprised a fresh issue of 37.68 lakh shares and no Offer for Sale component.

The IPO price was fixdd at ₹67 per share. The minimum lot size was 2000 shares for retail investors. The minimum amount of investment was ₹1,34,000 for retail investors.

Jawa Capital Services Private Limited is the book running lead manager. Cameo Corporate Services Limited is the registrar for the issue. Aftertrade Broking is the market maker.

Mandeep Auto Industries IPO share allotment and listing

Mandeep Auto Industries is expected to finalise the share allotment status on May 16, Thursday. Investors can check the allotment status on the websites of NSE and IPO registrar Cameo Corporate Services Limited.

According to Mandeep Auto Industries RHP, the tentative date for the listing of shares on NSE SME has been fixed as Tuesday, May 21, 2024.

Mandeep Auto Industries objects

Mandeep Auto Industries is an automotive and industrial components producer. The company manufactures sheet metal components, auto parts, and all types of sprocket gears and machined components. These components are used in diverse industrial sectors such as tractor, automobiles, material handling and earth moving equipment, railways, defence and machine tools.

The company expects net proceeds of ₹24.25 crore from the public issue. According to the RHP, the company looks to utilise ₹9.08 crore for the expansion of the existing manufacturing facility and purchase of equipment for the plant at Faridabad Haryana.

The company will also use ₹6.84 crore of the proceeds for the repayment or prepayment of certain borrowings. It has proposed to use ₹6.08 crore for funding working capital requirements.