M R Maniveni Foods IPO fully subscribed, raises ₹27.04cr
Chennai-based M R Maniveni Foods saw its IPO fully subscribed on the very first day, raising ₹27.04 crore.
Investors snapped up 37.78 lakh shares, just above the 37.3 lakh on offer, with a total subscription rate of 1.01 times across 426 applications, a pretty solid start.
Non-institutional oversubscribe 23%, funds for factory
Non-institutional investors were especially keen, oversubscribing their quota by 23%, while institutional buyers filled theirs completely. Retail investors lagged a bit at 89%.
The IPO stays open until May 26, so there's still time for more bids.
The funds will go toward building a new factory, buying plant machinery, and boosting corporate growth, plus plans are in place for a fully automated toor dhal processing facility to ramp up production and efficiency at their Chennai units.
Capitalsquare Advisors is handling the IPO process for them.