Manoj Ceramic IPO: Manoj Ceramic’s initial public offering (IPO) will end on Friday, December 29, 2023, after opening on Wednesday, December 27. In order to raise ₹14.47 crore, the ceramic and tile company has set the price per equity share at ₹62.
Manoj Ceramic IPO subscription
The offering maintained its momentum with a robust subscription, reaching 2.15 times by 3:40 pm on the second day of bidding (December 28). Bids for 47.72 lakh shares were received, exceeding the 22.16 lakh shares available. On the initial day of bidding (December 27), the subscription rate stood at an impressive 74 percent.
The IPO’s retail portion was subscribed 2.84 times over, with the Non-Institutional Investors’ (NII) quota bidding 1.47 times over.
Manoj Cerami IPO GMP today
The company’s shares on the grey market kept trading at ₹0 at the time of listing, meaning there was no premium over the IPO price. Since it started trading on the grey market on December 22, it has remained unchanged.
It is important to remember that the grey market premium is merely a snapshot of the performance of the company’s shares on the unlisted market and is subject to sudden fluctuations.
Manoj Ceramic’s IPO Details
This is a completely new offering of 23.34 lakh shares at a price range of ₹62, valued at ₹14.47 crore. An application must have a minimum lot size of 2000 shares. Retail investors are required to invest a minimum of ₹1,24,000. For HNIs, the minimum lot size investment is two lots (4,000 shares), or ₹2,48,000.
The proceeds of the issue will be used by the company for general corporate purposes and to cover working capital expenses.
About half of the net issue is set aside for retail investors, with the remaining half going to other parties.
Incorporated in 1991, the company specializes in ceramic tiles and tile adhesives within its product portfolio. It has a distribution network covering the western and southern regions of India, particularly in Maharashtra, Goa, Tamil Nadu, and Karnataka, with a presence through various dealers.
Between the fiscal years ending March 31, 2023, and March 31, 2022, Manoj Ceramic Limited’s revenue increased by 66.54% and its profit after tax (PAT) increased by 283.52%.
The MCPL IPO is expected to be completed on Monday, January 1, 2024. The MCPL IPO will be listed on the BSE SME with a tentative listing date of January 3, 2024.
Should you invest in the Manoj Ceramic IPO?
MCL is in the trade of ceramic tiles and tile adhesives. The issue appears to be reasonably priced based on its FY24 annualized super earnings. Its top and bottom lines have increased in the last three fiscal years. The sharp increase in its bottom lines beginning in FY23 raises questions. The long-term viability of such margins in a highly competitive segment is a major concern. According to Dilip Davda, a contributing editor at Chittorgarh, informed investors may park moderate funds for medium-term gains.
