The initial public offer (IPO) of Magenta Lifecare received bids for 186,42,28,000 shares as against 20,00,000 shares on offer. The issue was subscribed 932.11 times.
The Retail Individual Investors (RIIs) category put in bids for 73,79,32,000 shares. The Non Institutional Investors (NIIs) category put in bids for 108,63,00,000 shares. The Qualified Institutional Buyers (QIBs) category put in bids for 3,99,96,000 shares.
The issue opened for bidding on 5 June 2024 and it closed on 7 June 2024. The price of the IPO was fixed at Rs 35 per share. The equity shares will list on BSE's SME platform.
The IPO comprised fresh issue of 20,00,000 shares. The promoter and promoter group shareholding diluted to 59.59% from 84.06% pre-IPO.
The company intends to utilize the net proceeds for funding the incremental working capital requirements of company and for general corporate purpose.
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 company’s 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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