NSE SME MCON Rasayan India makes strong debut

Shares of MCON Rasayan India were trading at Rs 50.40 at 10:19 IST on the BSE, a premium of 26% compared with the issue price of Rs 40.

The scrip was listed at Rs 48, a premium of 20% compared with the issue price.

So far, the scrip hit a high of Rs 50.40 and a low of Rs 48. At the counter, 6.84 lakh shares of the company had changed hands till now.

The initial public offer (IPO) of MCON Rasayan India was subscribed 364.39 times. The issue opened for bidding on 6 March 2023 and it closed on 10 March 2023. The IPO price was fixed at Rs 40 per share.

The IPO comprised fresh issue of 17,10,000 equity shares, shares, aggregating up to Rs 6.84 crore. About 90,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 16,20,000 equity shares. The issue and the net issue will constitute 27.13% and 25.70%, respectively of the post issue paid-up equity share capital of the company

The promoter and promoter group shareholding will dilute to 66.64% post IPO from 91.45% pre-IPO.

The company intends to utilize the net proceeds from the issue for funding working capital requirements and general corporate purpose.

MCON Rasayan India is in the business of manufacturing, marketing and selling of modern building materials and construction chemicals with a suite of more than 80 products which includes a range of construction materials and construction chemicals in both powder and liquid forms. The company had 105 employees.

The company recorded a revenue from operations of Rs 13.04 crore and net profit of Rs 0.85 crore for the period ended on 30 September 2022.

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