3C IT Solutions IPO subscribed 6.56 times on Day 3; retail portion sees strong demand
Magenta Lifecare IPO oversubscribed by 74 times on day 2 so far; check detailsThe IPO garnered bids for 1,36,94,000 shares on the third day as against the total offering of 20,88,000 shares, resulting in an overall subscription rate of 6.56 times, according to Chittorgarh data.The retail portion was booked 11.61 times on the third day, while the non-institutional investors' portion achieved a subscription rate of 1.35 times.The company aims to raise ₹11.4 crore through its IPO, comprising a combination of fresh equity shares and an offer for sale. The price band for the offer is set at ₹52 per equity share, with a face value of ₹5 each.
The IPO lot size is fixed at 2,000 shares, requiring a minimum investment of ₹104,000 for retail investors.Also Read: Ixigo IPO: Price band set at ₹88-93 per share; check issue details hereProceeds from the IPO will be utilised to fund working capital requirements, repay or prepay certain borrowings, and for general corporate purposes. The IPO allotment is scheduled for June 10, with shares expected to be credited to eligible investors' demat accounts on June 11.
Refunds for unsuccessful bidders will also be initiated on the same day.Also Read: Sattrix Information Security IPO: Here's all you need to knowThe listing date for the 3C IT Solutions IPO is set for June 12, with the equity shares to be listed on BSE SME. Kreo Capital Pvt Ltd is the book-running lead manager of the IPO, while Skyline Financial Services Pvt Ltd is the IPO registrar.Ranjit Kulladhaja Mayengbam and Gangarani Devi Mayengbam are the promoters of 3C IT Solutions & Telecoms (India) Ltd.
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