Manilam Industries India IPO Closes with 5.89 Times Subscription, Listing Scheduled for February 27

Manilam Industries India's Initial Share Sale Sees Healthy Demand

Manilam Industries India, a decorative laminates manufacturing company, concluded its initial public offering (IPO) with a subscription of 5.89 times on February 24, the final day of bidding.

The company raised Rs 40 crore via a public issue of 57.9 lakh shares, comprising 46.98 lakh fresh shares and 10.92 lakh offer-for-sale shares. The price band for the offer was set at Rs 65-69 per share.

During the four-day subscription period from February 20-24, investors applied for 2.44 crore equity shares against the offer size of 41.52 lakh shares, with 3,739 applications received. Non-institutional investors led the subscription numbers, bidding 12.84 times their allotted quota.

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The subscription figures for retail investors and qualified institutional buyers were 5.87 times and 2.2 times, respectively.

The company, based in Uttar Pradesh, will finalize the IPO share allotment by February 25. Trading in its equity shares will commence on the NSE Emerge on February 27.

Manilam Industries India plans to utilize the proceeds from the fresh issue as follows: Rs 3.45 crore for the purchase of equipment/machinery and solar panels, Rs 3.5 crore for debt repayment, Rs 16.65 crore for working capital requirements, and the remaining funds for general corporate purposes.

Nexgen Financial Solution acted as the sole book running lead manager for the Manilam Industries India IPO.

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