Manilam Industries India IPO Sees Strong Demand on Second Day

Manilam Industries India's IPO Receives Strong Response on Second Day of Bidding

Manilam Industries India, a decorative laminates manufacturing company based in Uttar Pradesh, has received a robust response from investors on the second day of its initial public offering (IPO) subscription. As of February 23, the IPO has been subscribed 1.71 times, a significant improvement from the 20% subscription recorded on the opening day (February 20).

The IPO offer will close for subscription on February 24. Manilam Industries India is seeking to raise approximately Rs 40 crore through the issue of 57.9 lakh shares at the upper end of the price band of Rs 65-69 per share. The IPO comprises a fresh issue of 46.98 lakh shares and an offer-for-sale of 10.92 lakh shares by existing shareholders.

The subscription figures reveal that non-institutional investors led the charge, bidding 3.72 times the allocated portion. In contrast, the portions set aside for retail investors and qualified institutional buyers were subscribed 2 times and 12%, respectively.

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Manilam Industries India had previously raised Rs 11.3 crore by allotting 16.38 lakh shares to three anchor investors - Pine Oak Global Fund, Trendview Capital Fund, and North Star Opportunities Fund.

The company plans to utilize the fresh issue proceeds as follows:

• Rs 1.25 crore for the purchase of equipment or machinery
• Rs 2.2 crore for the purchase and installation of solar panel panels
• Rs 3.5 crore for repaying debt
• Rs 16.65 crore for working capital requirements
• The remaining funds for general corporate purposes

Nexgen Financial Solution is acting as the merchant banker for the Manilam Industries India IPO.

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