M.R. Maniveni Foods opens 18% below IPO on BSE SME
Business
M.R. Maniveni Foods kicked off trading on the BSE SME platform with a disappointing start; shares opened at ₹42.55, down 18% from the IPO price of ₹52.
Even after a slight rise to ₹44.66, the stock stayed below its offer price, echoing earlier hints from the gray market that there wouldn't be much buzz.
M.R. Maniveni Foods IPO aimed ₹27cr
The IPO ran from May 22-26 and aimed to raise ₹27 crore by offering 0.52 crore new shares priced between ₹51 and ₹52 each.
Despite being oversubscribed (retail investors showed strong interest), allotments wrapped up on May 27.
The funds are set to help M.R. Maniveni Foods expand (think new factory, more machinery, and general business growth) with Capital Square Advisors managing the process and Bigshare Services handling registrations.