The offer received bids for 4.64 crore shares as against 20 lakh shares on offer.
The initial public offer (IPO) of Magenta Lifecare received bids for 4,64,40,000 shares as against 20,00,000 shares on offer, as per BSE data as of 17:00 hours on Wednesday, (5 June 2024). The issue was subscribed 23.2 times.
The issue opened for bidding on Wednesday, (5 June 2024) and it will close on Friday, (7 June 2024). The price of the IPO is fixed at Rs 35 per share. The minimum order quantity is 4,000 equity shares. The equity shares will list on BSE's SME platform.
The IPO comprises fresh issue of 20,00,000 shares. The promoter and promoter group shareholding will dilute to 59.59% from 84.06% Pre-IPO.
About 1,04,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 18,96,000 equity shares. The issue and the net issue will constitute 29.11% and 27.60% respectively of the post issue paid-up equity share capital of the company.
The company intends to utilize the net proceeds for funding the incremental working capital requirements of company and for general corporate purpose.
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Magenta Lifecare are manufacturer of foam-based product such as mattresses and pillows which is marketed under its brand Magenta in India. Its product offerings include wide range of mattresses such as memory foam, latex based, bonded mattresses, pocketed spring etc. and pillows such as memory foam pillow, molded memory foam pillow, molded contour foam pillow etc. The companys manufacturing facility is located at Vadodara, Gujarat, India. The company's overall staff strength is 41 employees.
The company recorded revenue from operations of Rs 6.01 crore and net profit of Rs 0.24 crore for the period as on 31 December 2023.
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