100% subscription in 1 day, investors flock to IPO, price Rs. 35

Magenta Lifecare IPO has received good response from investors. The IPO was over 100 percent subscribed on the first day itself. The company also has exposure to the gray market. Tell us about this IPO in details –

It was opened on 5th June

Magenta Lifecare IPO was opened to investors yesterday i.e. 5th June. The IPO will be open to retail investors till June 7. Investors betting on the IPO can be allotted shares on June 10. At the same time, the listing of the company in BSE SME may take place on June 12, 2024.

What is the price? (Magenta Lifecare IPO Price Band)

The company’s IPO price band has been fixed at Rs 35 per share. The company has created one lot of 4000 shares. Due to which retail investors have to invest at least Rs 1,40,000. Let us tell you that the size of this IPO is 7 crore rupees. The company will issue 20 lakh new shares through IPO.

Dominating the Gray Market (Magenta Lifecare IPO GMP Today)

The performance of this company in the gray market has been excellent. The company is available today at a premium of Rs 28. Which will be very good from the point of view of investors. If this trend continues, the company can return 80 percent to investors on the day of listing.

More than 24 times subscription in 1 day

The IPO received 24.49 times subscription on the first day i.e. yesterday. The IPO in the retail category was oversubscribed at 39.50 times. While others got 9.43 times subscription.

Divesh Modi and Khyati Modi are the promoters of this company. It had 84.06 per cent stake before the issue. Which will increase to 59.59 percent after the issue.

What does the company do?

This company does foam related business. The company manufactures mattresses and pillows. At present this company has a total of 41 employees. The headquarters of the company is in Gujarat.

(This is not investment advice. Stock market is subject to risks. Consult experts before making any investment.)