My Mudra Fincorp IPO Day 1: Issue booked 66% so far; check price band, lot size and key details

My Mudra Fincorp IPO has been subscribed 66% on Thursday, September 5, the first day of subscription.

The portion reserved for non-institutional investors (NIIs) was subscribed 0.25 times, while the part reserved for retail individual investors received bids for 1.21 times the quota allotted for them.

The ₹33.26 crore IPO is solely a fresh issue of 30.24 lakh equity shares without an offer-for-sale (OFS) component. The initial share sale, which is live from September 5 to September 9, has set a price band of ₹104-₹110 per share.

The money raised will be used to repay certain borrowings, invest in digital infrastructure and technology development, meet working capital requirements, and for general corporate purposes.

Retail investors can apply for a minimum of one lot (1,200 shares) worth ₹1.32 lakh, while the minimum investment for high net-worth individuals (HNIs) is two lots, amounting to ₹2.64 lakh.

Hem Securities Limited is the IPO's book-running lead manager, while Skyline Financial Services Pvt Ltd is the registrar.

About My Mudra Fincorp

My Mudra Fincorp Limited, established in 2013, is a Chanel Partner (DSA) for major Indian banks and non-bank financial companies (NBFCs).

The company's business model integrates tele-calling, direct marketing, advertising, referrals, networking and a unique physical and digital (physital) marketing approach to acquire customers for its clients.

It specialises in the distribution and sales of financial products as a channel partner, such as home loans, loans against property, business loans, and personal loans.