Macfos IPO oversubscribed on day 1, led by retail investors. Check GMP, subscription status

As of 12:15 pm on day 1, the issue has been oversubscribed 1.49 times, led by demand from retail investors’ category that is overbooked over 3x, as per the BSE data.

“The Grey Market Premium (GMP) of Macfos Limited was observed at ₹78 in the grey market today, as per the market sources. The IPO has an issue band price of ₹96 – ₹102. Considering the upper band price, the listing price could be ₹180. One can expect listing gains of up to 76%.  The company relies on third-party supplies and has no manufacturing centre of its own, even though the company has performed well in the last 18 months but sustaining these growths in the future can be a concern in the long term. Watching positive GMP, one can apply for the listing gains,” said Manish Khanna, Co-Founder, of Unlisted Assets.

Macfos IPO is an SME issue, comprising of 2,328,000 equity shares of the face value of ₹10 aggregating up to ₹24 crore. The Offer comprises an Offer for Sale (OFS) by the Selling Shareholders. 

The company in its offer documents said that the selling shareholders will receive the entire proceeds from the OFS and the company will not receive any part of the proceeds of the issue. The shares of the company are expected to list on BSE SME on March 1, 2023. Bigshare Services Pvt Ltd is the registrar of the issue.

Macfos Limited is an e-commerce based Company marketing a broad range of 12000+electronic components through it’s website & mobile application Robu.in. The company’s Products are used in basic and advanced engineering products & projects, including emerging technologies such as IoT, Robotics, Automations, Drone, Electric Vehicles, 3D Printing and Auto Guided Vehicles. Atul Maruti Dumbre, Binod Prasad and Nileshkumar Purshottam Chavhan are the promoters of the company.