Maharaja & Speedex India IPO made a strong debut on the BSE SME platform on Friday, September 18.
The shares were listed at ₹250, compared with the IPO price of ₹186 per share, giving investors a listing premium of around 34%.
The listing was stronger than the grey market indication before the debut. The IPO was trading at a premium of ₹28 in the grey market, while its highest GMP had reached ₹48.
Maharaja & Speedex India IPO Lists at ₹250
The company had fixed the IPO price at ₹186 per share. At the listing price of ₹250, the stock opened ₹64 above its issue price.
The IPO was open for subscription from September 10 to September 15. The lot size was 600 shares, while investors were required to apply for at least 1,200 shares. Based on the issue price, the minimum investment was ₹2,23,200.
IPO Size Was ₹80 Crore
The company had set the IPO size at ₹80 crore. The issue included both fresh shares and an offer for sale.
Under the fresh issue, the company offered 3.446 million new shares. Another 8.62 million shares were offered for sale by existing shareholders.
The IPO also opened for anchor investors on September 9. The company raised ₹22.82 crore from anchor investors.
IPO Received 32 Times Subscription
The IPO received strong demand during its three-day subscription period and was subscribed around 32 times overall.
The retail portion was subscribed more than 19 times. The Qualified Institutional Buyers (QIB) category received 48.82 times subscription, while the Non-Institutional Investors (NII) category was subscribed 40.32 times.
What Does Maharaja & Speedex India Do?
Maharaja & Speedex India manufactures stainless steel bottles and drinking water products. The company has 101 distributors spread across 17 states.
The company has 431 full-time employees, according to the information provided for the IPO.
How Will the IPO Money Be Used?
The company plans to use ₹24.10 crore from the IPO proceeds to partially or fully repay existing debt. Another ₹21.42 crore will be used for capital expenditure.
The remaining funds will be used for general corporate purposes. The utilisation of the funds is aimed at supporting the company’s financial and business requirements.
The strong listing comes after the IPO received substantial subscription from different investor categories and traded at a premium in the grey market before listing.
