Magenta Lifecare share price makes a strong debut, stock opens with 29% premium at ₹45 on BSE SME
₹45, which is 28.57% higher than the issue price of ₹35. Following a positive debut, the stock was locked in 5% upper circuit.Magenta Lifecare IPO opened for subscription on Wednesday, June 5 and concluded on Friday, June 7.
The issue's price band was fixed at ₹35 apiece. The Magenta Lifecare IPO lot size was 4,000 shares.
Magenta Lifecare IPO drew considerable interest from investors across all categories, and the offer was completely booked within hours of its launch. Magenta Lifecare IPO subscription status was 983.19 times on the last day of bidding.
According to the Red Herring prospectus (RHP), the firm manufactures foam-based products such as mattresses and pillows that are marketed in India under the brand name "Magenta". The company's product offerings include a wide range of mattresses such as memory foam, latex-based, bonded mattresses, pocketed spring mattresses, and pillows such as memory foam pillow, molded memory foam pillow, and molded contour foam pillow, among others.Also Read: Magenta Lifecare IPO oversubscribed by 974 times on day 3 so far; check latest GMP, subscription statusThe Magenta Lifecare IPO, valued at about ₹7 crore, consists of a fresh issuance of 2,000,000 equity shares at face value of ₹10.
There's no offer-for-sale component.The firm intends to use the net proceeds from the Issue for the following objectives: financing our working capital requirements and general corporate purposes.Fedex Securities Pvt Ltd is the book running lead manager for the Magenta Lifecare IPO, while Cameo Corporate Services Limited is the registrar. Sunflower Broking is the market maker for Magenta Lifecare's IPO.Also Read: Magenta Lifecare IPO share allotment to be finalised today: How to check status? A
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