Manglam Infra and Engineering IPO Listed at ₹106.40, 90% Premium Over the IPO Price

Manglam Infra and Engineering IPO had an impressive debut on the NSE SME on Wednesday, spurred by positive domestic market signals. The shares opened at ₹106.4, representing a 90% premium over the upper limit of the IPO issue price of ₹56, delivering a return of ₹50.4 per share for investors.

The three-day subscription period for the Manglam Infra and Engineering IPO concluded on Friday, July 26, 2024. The allotment basis was determined on Monday, July 29, 2024. The public issue saw overwhelming investor participation, being subscribed 394.42 times by the final subscription date. The Non-Institutional Investor (NII) category led with a subscription rate of 756.73 times, followed by the retail category at 371.72 times, and the Qualified Institutional Buyer (QIB) category at 163.04 times.

Manglam Infra public issue includes a fresh offering of 4,932,000 shares, totaling up to ₹27.62 crore. The IPO was offered within a price range of ₹53-56 per share, with a lot size of 2000 shares, and the issue price was set at ₹56. On Tuesday, July 23, 2024, Manglam Infra secured ₹7.40 crore from anchor investors.

Manglam Infra IPO has a market capitalization of ₹98.54 crore. The company's Profit After Tax (PAT) for the fiscal year 2023-24 increased to ₹676.41 lakh, up from ₹554.16 lakh in the fiscal year 2022-23. Additionally, Manglam Infra's revenue for FY24 was ₹4,050.79 lakh, compared to ₹3,478.14 lakh in FY23.

Manglam Infra & Engineering Limited, founded in 2010 as the partnership firm Manglam Associates, is an engineering consulting organization. It offers design, planning, engineering, consulting, and construction management solutions for infrastructure projects such as highways, roads, bridges, tunnels, and buildings. Additionally, according to its website, the company provides services and solutions for rural and urban development, capacity building, and environmental engineering, as well as conducting construction material testing and geotechnical investigations.

To Summarize

Shares of the engineering consulting firm Manglam Infra and Engineering made a notable debut on the NSE SME on Wednesday, buoyed by favorable domestic market conditions. The shares commenced trading at ₹106.4, reflecting a 90% premium above the upper range of the IPO issue price of ₹56, providing investors with a return of ₹50.4 per share.