Manoj Ceramic Sees 32.26 Percent Premium on Stock Market Debut

Manoj Ceramic Sees 32.26 Percent Premium on Stock Market Debut

VoM News Desk | January 3, 2024 | 10:18 AM IST | Breaking News | Follow on Google News

Manoj Ceramic Sees 32.26 Percent Premium on Stock Market Debut

Manoj Ceramic Sees 32.26 Percent Premium on Stock Market Debut

Manoj Ceramic’s stock market debut marked a positive trajectory as its shares were listed at ₹82 apiece on the BSE SME platform, reflecting a premium of 32.26% over the issue price of ₹62 per share.

Scheduled for listing on January 3, the Manoj Ceramic IPO allotment was finalized on January 2. The IPO bidding process commenced on December 27, 2023, and concluded on December 29, 2023.

Through its IPO, the company successfully raised ₹14.47 crore via an entirely fresh issue of 23.34 lakh equity shares priced at ₹62 per share.

The IPO garnered significant investor interest, demonstrating robust demand by being oversubscribed 9 times in total. Notably, the retail category witnessed an oversubscription of 10.73 times, while the Other category saw an oversubscription of 7.28 times.

Swaraj Shares and Securities Pvt Ltd served as the book running lead manager for the MCPL IPO, with Purva Sharegistry India Pvt Ltd acting as the IPO registrar.

The company plans to utilize the raised funds to cover working capital expenses and for general corporate purposes.

Established in 1991, Manoj Ceramic specializes in trading ceramic tiles and tile adhesives under its brand name “MCPL.” While the company does not manufacture tiles itself, it partners with third-party manufacturers for their production.

Its core focus lies in two main products – Ceramic Tiles and Tile Adhesive, representing its key expertise and market offerings.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.