Manglam Infra and Engineering shares soared 90% on their first day of trading, listing at ₹106.40 per share on the NSE SME, well above the issue price of ₹56 per share. The stock quickly hit the 5% upper circuit limit at ₹111.70 per share.
The listing met market expectations, with a grey market premium of 92% before the debut. The IPO, open from July 24 to July 26, received a strong response, being subscribed 394.42 times, including 371.72 times in the retail category, 163.04 times by Qualified Institutional Buyers (QIB), and 756.73 times by Non-Institutional Investors (NII).
Manglam Infra raised ₹27.62 crore from the fresh issue of 49.32 lakh shares. The IPO price range was set at ₹53 to ₹56 per share, with a lot size of 2,000 shares.
The company, led by promoters Yogendra Kumar Singh, Ajay Verma, Nisha Singh, and Seema Verma, manages infrastructure projects and offers services like design, engineering, procurement, construction, and project management. In FY24, Manglam Infra reported a net profit of ₹6.76 crore on a revenue of ₹40.50 crore, up from a net profit of ₹5.54 crore on a revenue of ₹34.78 crore in FY23.
At 11:35 am, Manglam Infra shares remained locked at the 5% upper circuit limit at ₹111.70 on NSE SME.
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