Mangal Compusolution shares hit 5% lower circuit after listing at ₹45 apiece on BSE SME; check details

Soon after listing, shares of Mangal Compusolution plunged as much as 5% to hit the lower circuit limit at ₹42.75 apiece on the BSE.

Within the initial 10 minutes of trade, 7.17 lakh shares of the company were traded on the BSE SME platform. The total trading value stood at ₹3.2 crore, and the company's market capitalisation stood at ₹58.17 crore.

The retail investors, who were allotted at least a single lot or 3,000 shares, would have faced a loss of ₹6,750 (₹2.25 x 3,000) after the stock hit the lower circuit.

Mangal Compusolution IPO details

Mangal Compusolution IPO was a book-building issue worth ₹16.23 crore. The fixed price issue consisted of a fresh issuance of 36.06 lakh shares. The issue price for the BSE SME IPO was fixed at ₹45 per share.

Mangal Compusolution IPO was booked 34.64 times during the three-day subscription window which opened on November 12 and closed on November 14. Investors across categories placed bids for over 11.85 crore shares compared to the 34.2 lakh shares offered for subscription.

The non-institutional investors' (NIIs) quota of the Mangal Compusolution IPO was booked 22.39 times, and the retail investors’ quota was booked 46.9 times.

The company plans to use the money raised via the public issue to fund its capital expenditures and general corporate purposes.

Mangal Compusolution provides customisable IT hardware products such as laptops, desktops, servers, and other equipment. The company mainly provides its services in Maharashtra and generates revenue from leasing, selling, and maintaining IT equipment. As of September 30, 2024, the company had 24 full-time employees.