Macfos IPO: Check Last Date To Subscribe To SME Issue, Price Band & Other Details

Macfos IPO is an SME issue, comprising of 2,328,000 equity shares of a face value of Rs10 aggregating up to Rs24 crore

The listing of Macfos shares on BSE will enhance the company’s goodwill and provide liquidity to the existing shareholders.

Macfos Ltd, the Pune-based e-commerce company’s three-day initial share sale that opened on Friday will conclude tomorrow (Tuesday). Macfos IPO is an SME issue, comprising of 2,328,000 equity shares of a face value of Rs10 aggregating up to Rs24 crore. The offer comprises an Offer for Sale (OFS) by the Selling Shareholders.

The IPO was oversubscribed 16 times on the second day 2 (Monday) led by strong demand from retail investors, according to the publication Livemint report. The public issue has been subscribed 34 times in the retail category, 0.03 times in the qualified institutional buyers (QIBs) category, whereas non-institutional investors (NIIs) are yet to bid as of 11 am on, the publication cited the BSE data.

The company has fixed the issue price band at Rs 96-102. The company is aiming to mop up Rs 23.74 crore from its initial stake sale. The company's shares are likely to get listed on the BSE SME platform on March 1, 2023, according to the report. The SME platform of the exchanges is targeted at small and medium-sized companies.

Of the total shares fixed at 23,28,000 shares, 1,16,400 shares are categorized for anchor investors, 11,04,000 for qualified institutional buyers (QIBs), 3,32,400 shares for non-institutional investors (NIIs) and 7,75,200 for retail investors (RIIs).

The listing of shares will enhance the company’s goodwill and provide liquidity to the existing shareholders. In its offer documents, the company said the selling shareholders will receive the entire proceeds from the OFS and the company will not receive any part of the proceeds of the issue.

Hem Securities is the book-running lead manager for the issue,  while Bigshare Services Pvt Ltd is the registrar of the issue.'

The Livemint report cited market observers saying the Macfos shares are commanding a premium of Rs82 in the grey market. 

The e-commerce-based company markets a broad range of 12,000 plus electronic components through website & mobile application Robu.in. The company also facilitates product R&D and prototyping cycle. The products are used in basic and advanced engineering products & projects, including emerging technologies such as IoT, Robotics, Automations, Drone, Electric Vehicles, 3D Printing and Auto Guided Vehicles.

Atul Maruti Dumbre, Binod Prasad and Nileshkumar Purshottam Chavhan are the promoters of the company.