Macfos hit a lower circuit of 5% at Rs 174.80 on the BSE, a premium of 71.37% compared with the issue price of Rs 102.
The scrip was listed at Rs 184, representing a premium of 80.39% compared with the initial public offer price.So far, the scrip hit a high of Rs 184 and a low of Rs 174.80. Over 6.58 lakh shares of the company have changed hands in the counter till now.
The IPO of Macfos was subscribed 270.58 times. The issue opened for bidding on Friday (17 February 2023) and it closed on Tuesday (21 February 2023). The issue price band was Rs 96 - 102 per share.
The IPO comprised offer for sale of upto 23,28,000 equity shares of face value of Rs 10 each by selling shareholders. Of which, 1,16,400 equity shares is reserved for subscription by market maker to the issue. The promoter and promoter group shareholding will dilute to 73.65% post IPO from 100% pre-IPO.
The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges. The listing will enhance the company's goodwill and provide liquidity to the existing shareholders.
Macfos is primarily an e-commerce based company focused on the marketing of a broad range of electronic components which finds application in basic and advanced engineering products & projects, including emerging technologies such as IoT, robotics, automations, drone, electric vehicles, 3d printing and auto guided vehicles.
The company's revenue from operations stood at Rs 35.78 crore and profit after tax stood at Rs 2.95 crore in six months period ended 30 September 2022.
As on 30 November 2022, the company employed 94 employees at various levels of the organization. Additionally, it also engaged 38 contract labour.
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