The IPO of Manglam Infra and Engineering continues to impress with a strong subscription level. As of the second day of bidding, the issue has been oversubscribed by a significant margin of 33 times.
This overwhelming response from investors is a testament to the confidence in the company’s growth prospects and its potential to deliver value to shareholders. The company operates in the infrastructure and engineering sector, which is expected to witness substantial growth in the coming years.
The IPO has received bids for a total of 1.09 crore shares against the offered 36.10 lakh shares. This indicates a robust demand for the issue across investor categories.
The company aims to raise Rs 28 crore through the IPO, offering 49.32 lakh shares at a price band of Rs 53 to Rs 56 per share. The issue is scheduled to close on July 26, 2024.
The strong subscription level has also led to a surge in the grey market premium (GMP) for the IPO. The GMP, which is the unofficial premium at which shares are traded in the grey market, has reached Rs 46.
While a high GMP indicates positive investor sentiment, it’s essential for investors to exercise caution and conduct thorough research before investing. The stock market can be unpredictable, and past results do not guarantee future performance.
Investors who have applied for the IPO will have to wait for the allotment process to be completed. The allotment status can be checked on the website of the registrar or through the respective brokerages.
It’s recommended that investors seek advice from a financial advisor before making investment choices.