Mandeep Auto IPO Listing
Mandeep Auto IPO Listing: Mandeep Auto's ₹25.25 crore IPO was open for subscription from May 13-15. Today its shares have been listed.
Mandeep Auto IPO Listing: Shares of auto parts maker Mandeep Auto had a weak entry on the SME platform of NSE today.
Its IPO received more than 77 times overall bids from retail investors. Shares have been issued under the IPO at a price of Rs 67.
Today it has entered NSE SME at Rs 62.25, which means IPO investors did not get any listing gain but their capital decreased by more than 7 percent.
Shares further collapse after listing. It slipped to the lower circuit of Rs 59.15 (Mandeep Auto Share Price), which means IPO investors are now at a loss of 11.72 percent.
Mandeep Auto IPO got strong response
Mandeep Auto's ₹25.25 crore IPO was open for subscription from May 13-15. On the strength of retail investors, this IPO got a tremendous response from investors and overall it was subscribed 77.23 times.
In this, the half portion reserved for retail investors was filled 90.57 times. Under this IPO, 37.68 lakh new shares with face value of Rs 10 have been issued.
The company will use the money raised through these shares to expand its existing manufacturing facility, repay debt, meet working capital requirements and for general corporate purposes.
About Mandeep Auto
Established in the year 2000, Mandeep Auto Industries manufactures sheet metal components, auto parts, sprocket gears and machined components.
These products are used in industries like automobiles, tractors, material handling and earth moving equipment, railways, defence, machine tools.
Its customers are all over the world. Talking about the financial health of the company, it has continuously strengthened.
In the financial year 2021, it had a net profit of Rs 49.81 lakh, which jumped to Rs 64.69 crore in the next financial year 2022 and to Rs 1.05 crore in the financial year 2023.
During this period, the company's revenue increased at a compound growth rate (CAGR) of more than 38 percent annually to Rs 29.79 crore.
Talking about the last financial year 2023-24, it has achieved net profit of Rs 2.15 crore and revenue of Rs 16.57 crore in 9 months.