Manglam Infra and Engineering IPO Subscription Status

Manglam Infra and Engineering IPO - Day-3 Subscription at 394.42 times

Manglam Infra and Engineering IPO will close on 26 July. Shares of Manglam Infra and Engineering are likely to be listed on July 31. Shares of Manglam Infra and Engineering  will make trading debut on NSE SME platform.

On 26 July 2024, Manglam Infra and Engineering IPO received bids for 1,21,71,84,000 shares, much more than the 30,86,000 shares available. This means that Manglam Infra and Engineering IPO was oversubscribed by 394.42 times by the end of the 3rd day.

Here are the subscription details for Manglam Infra and Engineering IPO as of Day 3:

Manglam Infra and Engineering IPO subscription was primarily driven by HNI/NII investors, followed by retail investors, and then QIBs. Typically, QIBs and HNIs/NIIs boost their subscriptions in the final hours of the last day. Overall subscription figures exclude the anchor portion and market-making segment.

QIBs are large institutional investors like mutual funds and insurance companies, while HNIs/NIIs are wealthy individual investors and smaller institutions.

Subscription Status of Manglam Infra and Engineering IPO for Days 1, 2, and 3

On day 1, Manglam Infra And Engineering IPO was subscribed 15.81 times. By day 2, the subscription status had risen to 57.07 times and on day 3, it reached 394.42 times.
 

Here are the subscription details for Manglam Infra And Engineering IPO by category as of Day 3:

Manglam Infra And Engineering IPO was highly successful across all investor categories. Market Makers and Anchor Investors fully subscribed their allocations. Qualified Institutional Buyers (QIBs) subscribed 163.04 times. High Net Worth Individuals (HNIs) and NonInstitutional Investors (NIIs) portion subscribed 756.73 times. Retail investors subscribed 371.72 times. Overall, the IPO was subscribed 394.42 times.

Manglam Infra and Engineering IPO - Day-2 Subscription at 56.89 times

On 25 July 2024, Manglam Infra and Engineering IPO received bids for 17,55,68,000 shares, much more than the 30,86,000 shares available. It means Manglam Infra and Engineering IPO was oversubscribed by 56.89 times by the end of the 2nd day.

The IPO was mainly driven by retail investors, followed by High Net Worth Individuals (HNIs) and NIIs, with Qualified Institutional Buyers (QIBs) showing interest later. Usually, QIB and HNI/NII subscriptions increase in the final hours of the last day. Overall subscription figures do not include the anchor portion or the market making segment of the IPO.

Here are the subscription details by category:

Manglam Infra and Engineering IPO price range is set between ₹53 - ₹56 per share. Retail investors need to buy at least 2,000 shares, requiring an investment of at least ₹112,000. High Net Worth Individuals (HNIs) must buy a minimum of 4,000 shares, costing ₹224,000. The IPO started on July 24, 2024, and will end on July 26, 2024. Share allotment is expected to be finalized by July 29, 2024 and the company will be listed on NSE SME platform on July 31, 2024.

Manglam Infra and Engineering, founded in 2010, focuses on building and managing infrastructure projects such as highways, bridges, tunnels and urban buildings. They provide services such as detailed project reports, engineering, procurement, construction and project management. Their expertise includes feasibility studies, project management consultancy, technical audits, and structural inspections.

The IPO consists of 4,932,000 shares (49.32 lakh shares). At the highest price of ₹56 per share, the total size of the IPO is ₹27.62 crore. Final share price will be determined within the ₹53 to ₹56 range.

As of now, Manglam Infra and Engineering IPO subscription status is only updated for the first days. Generally, retail investors are more active on the first two days, while QIBs and HNIs show more interest on the last day. The market maker portion and anchor quota are not included in the subscription calculation to provide a clearer picture of the demand.

Manglam Infra and Engineering IPO - Day-1 Subscription at 0.73 times

Manglam Infra and Engineering IPO was subscribed 15.64 times overall. By July 24, 2024, the retail portion was heavily oversubscribed at 26.19 times, while the Qualified Institutional Buyers (QIB) portion was undersubscribed at 0.91 times, and the Non-Institutional Investors (NII) portion was subscribed 10.64 times. The IPO received bids for ₹4,82,70,000 worth of shares against the 30,86,000 shares offered, with a total of 20,220 applications. The subscription details for the Manglam Infra and Engineering IPO at the end of Day 1 are as follows:

The subscriptions were led by the retail investors followed by the HNI / NII investors and then by the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Data Source: NSE

The IPO is open up to July 24th, 2024, at which point we will know the final subscription status of the IPO. As of today, the status is only updated as of the end of Day-1 of the IPO. The QIB and the HNI / NII categories see the best momentum coming only on the last and final day of the IPO, while the retail investors predominate on the first two days of the IPO. The market maker portion and anchor quota are excluded for the purpose of calculating the number of times subscription to get a realistic picture of the IPO subscription story.

The stock of the company has a face value of ₹10 per share and it is a book built issue. The book building price band for the IPO has been set in the range of ₹53 to ₹56 per share per share. The final price discovery will happen in the above price band only. The overall IPO comprises of the issue of 4,932,000 shares (49.32 lakh shares) which at the upper band IPO price of ₹56 per share aggregates to overall IPO size of ₹ ₹27.62 crore.