NSE SME Manglam Infra & Engineering rallies on listing day

Shares of Manglam Infra & Engineering were quoting at Rs 111.70 on the NSE, a premium of 99.46% compared with the issue price of Rs 56.

The scrip was listed at Rs 106.40, a premium of 90% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 111.70 and a low of Rs 106.40. About 16.14 lakh shares of the company changed hands at the counter.

Manglam Infra & Engineering's IPO was subscribed 246.97 times. The issue opened for bidding on 24 July 2024 and it closed on 26 July 2024. The price band of the IPO was fixed at Rs 53 to Rs 56 per share.

 

The IPO comprised fresh issue of 49,32,000 equity shares. The company intends to utilize the net proceeds to meet working capital requirement and general corporate purpose.

Ahead of the IPO, Manglam Infra & Engineering on 23 July 2024, raised Rs 7.40 crore from anchor investors. The board allotted 13.22 lakh shares at Rs 56 per share to 5 anchor investors.

Mangalam Infa & Engineering is a project management consultancy firm specializing in infrastructure projects like highways, bridges, and buildings. They offer services from project planning to completion, including design, supervision, and maintenance. The company works on both independent and partnered projects and employs over 270 people.

The company recorded revenue from operations of Rs 40.24 crore and net profit of Rs 6.76 crore for the period as on 31 March 2024.

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