Manglam Infra and Engineering IPO Day 1: Issue subscribed 3 times, retail investors lead

The initial public offering of Manglam Infra and Engineering has been subscribed three times so far on Wednesday, July 24, the first day of bidding. The IPO has received bids for 1.09 crore shares against 36.10 lakh shares on offer.

The public offer was subscribed 3.01 times so far on Day 1. The portion for retail individual investors (RIIs) was subscibed the most with 5.40 times subscription. The non-institutional investors or NIIs part received 1.47 times the subscription.

The qualified institutional investors (QIBs) category has not yet received bids.

Manglam Infra and Engineering IPO, open from July 24 to July 26, has set a price band of ₹53-₹56 per share.

Interested investors can bid for at least one lot or 2,000 shares, aggregating to ₹1.06 lakh.

The ₹27.62 crore IPO is entirely a fresh issuance of 49.32 lakh equity shares. The proceeds generated from the public offer will be used to meet the working capital requirements and for general corporate purposes.

Manglam Infra and Engineering: Timeline

• Bidding period: July 24 to July 24
• Allotment finalisation: July 29
• Refund initiation: July 30
• Demat transfer: July 30
• Listing: July 31

About Manglam Infra and Engineering

Manglam Infra and Engineering is a major infrastructure consultancy company specialising in project management services. With a robust portfolio spanning roads, highways, tunnels, and buildings, the firm has completed more than 120 projects.

The company undertakes projects floated by state governments and union territories, including those of Bihar, Madhya Pradesh, Jammu and Kashmir, Jharkhand, Arunachal Pradesh, Jharkhand, Uttar Pradesh, Himachal Pradesh, Nagaland, Manipur, Assam, Maharashtra, Uttarakhand, Haryana, and Rajasthan, as well as the central government.