Megatherm Induction IPO Day 1: Issue subscribed 11.88 times; here’s GMP and other details

Megatherm Induction IPO opened for subscription on Monday, January 29 and will close on Wednesday, January 31. 

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Megatherm Induction Limited manufactures induction heating and melting products using electrical induction such as induction melting furnaces and induction heating equipment. Megatherm Induction is a subsidiary of Megatherm Electronics Private Limited.

The company also manufactures upstream and downstream equipment and machinery for steelworks, such as transformers, ladle refining furnaces, continuous casting machines, fume extraction systems, etc., as well as electric arc furnaces for the alloy and special steel industry.

Megatherm Induction IPO subscription status

Megatherm Induction IPO has received bids for 3,96,37,200 shares against 33,19,200 shares on the offer.  

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The retail category of the Megatherm Induction IPO were subscribed over 19.38, received 3,21,67,200 applications against offered 16,59,600 shares. Meanwhile, QIB and NII was subscribed over 1 time and 9.17 times on the first day of subscription, according to data by Chittorgarh.com.

Megatherm Induction IPO GMP Today

Megatherm Induction GMP today, or grey market premium today, is ₹100 per share. This indicates that the Megatherm Induction shares were trading at a premium of 92.59% at ₹100 apiece on the GMP, as compared to its issue price of ₹108 per share.

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Megatherm Induction IPO details

The small and medium enterprises (SME) IPO is a is a book built issue of ₹53.91 crores. The issue is entirely a fresh issue of 49.92 lakh shares.

Megatherm Induction IPO price band is set at ₹100 to ₹108 per share. The minimum lot size for an application is 1200 shares. The minimum amount of investment required by retail investors is ₹129,600. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to ₹259,200.

Not more than 50 percent of the issue is reserved for QIB, not less than 35 percent of the offer is reserved for retail investors and not less than 15 percent of the issue is reserved for NII (HNI) investors.

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The company had raised ₹15.36 crore from anchor investors on January 25. Meru Investment Fund, Bengal Finance and Investment and Chattisgarh Investments were among the participants in the anchor book round.

Hem Securities Limited is the book running lead manager of the Megatherm Induction IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Megatherm Induction IPO is Hem Finlease.

The allotment for the Megatherm Induction IPO is expected to be finalized on Thursday, February 1, 2024. Megatherm Induction IPO will list on NSE SME with tentative listing date fixed as Monday, February 5, 2024.

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Published: 29 Jan 2024, 08:33 PM IST