Manas Polymers and Energies made a strong entry into the stock market on October 6, listing at Rs 153.90 per share on the NSE Emerge platform.
This is a huge 90% premium over its IPO price of Rs 81 per share — far exceeding expectations.
Interestingly, the strong debut came even though the grey market did not signal a big jump before listing.
Grey Market Signals Fell Short of Reality
Before the stock hit the exchanges, Manas Polymers and Energies’ unlisted shares were trading at just a 4% premium over the IPO price, according to data from Investorgain.
Despite the muted outlook, investor demand turned out to be far stronger when trading began.
Inside the IPO Details
The company raised Rs 23.5 crore through a fresh issue of over 29 lakh shares, with a price band set between Rs 76 and Rs 81.
The IPO was open for public bidding from September 26 to September 30, and it was fully subscribed.
The minimum investment required for retail investors was Rs 1,29,600 (for one lot of 1,600 shares at the upper price band).
The issue saw strong interest from Qualified Institutional Buyers (QIBs), indicating solid confidence in the company’s growth prospects.
What the Funds Will Be Used For
Manas Polymers and Energies, a manufacturer of food-grade PET bottles, jars, caps, and preforms, plans to use the IPO funds to set up a solar power plant, purchase new fixed assets, and meet general corporate expenses.
The stellar debut shows investors’ growing appetite for small and medium enterprise (SME) listings, even when grey market cues appear modest.
