M R Maniveni IPO Sees 65% Subscription on Day One, NII Demand Dominates

M R Maniveni Foods IPO Opens for Subscription

The initial public offering (IPO) of M R Maniveni Foods commenced on Friday, May 22, and is scheduled to conclude on Tuesday, May 26. The IPO price band has been set at ₹51 to ₹52 per equity share, with a face value of ₹10 per share. Investors can bid for a minimum of 2,000 equity shares, with the option to acquire additional shares in increments of 2,000.

Retail investors are required to subscribe to a minimum of 2 lots (4,000 shares), which equates to a base investment of ₹2.08 lakh at the higher end of the price range. High-net-worth investors, on the other hand, must invest a minimum of 3 lots (6,000 shares), totaling ₹3.12 lakh.

M R Maniveni Foods operates in the food products sector and is seeking funding primarily for expansion and growth. The company focuses on providing safe, high-quality, and hygienically prepared food items to cater to a variety of consumer tastes. It prioritizes modern processing methods, robust supply chain practices, and stringent quality control to ensure consistent flavor and nutrition across its product range.

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The company's product lineup is centered on Urad Dal and Toor Dal.

IPO Details

The IPO aims to raise ₹27.04 crore, with the proceeds earmarked for the company's growth and expansion plans. Capital Square Advisors is acting as the book-running lead manager to the issue, while Bigshare Services has been appointed as the registrar. CapitalSquare Financial Services will serve as the market maker for the IPO.

Subscription Status

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As of the first day of the IPO, the subscription status stands at 65%. The retail portion was subscribed at 68%, the Non-Institutional Investors (NII) portion was booked at 1.03x, and the Qualified Institutional Buyers (QIBs) portion received 31% bidding. The company has received bids for 22,50,000 shares against 34,70,000 shares on offer at 14:25 IST, according to chittorgarh.com.