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The IPO consists of up to 68,64,000 equity shares of face value Rs 10 each for cash at a fixed price of Rs 80 per equity share. The fresh issue size includes up to 61,26,400 equity shares and an offer for sale (OFS) of up to 7,37,600 at face value of Rs 10 each. The share is priced eight times higher than its face value of Rs 10.
The equity share allocation is as follows: Market Maker – Up to 3,44,000 Equity Shares; Non-Institutional Investors (NII) – Up to 32,59,200 Equity Shares; Retail Individual Investors (RII) – Up to 32,60,800 Equity Shares.
The net proceeds from the IPO will be utilized for funding working capital requirements, capital expenditure for business expansion and research and development, and for general corporate purposes.
Uttamchand Chandanmal Mehta of Mangalam Alloys Limited said in a statement that the funds raised from the IPO would help bolster production capacity in response to growing industry demand and secure the necessary capital expenditure and working capital for future growth.
Gaurav Jain, Director of Expert Global Consultants Private Limited which is the book running lead manager to the issue, expressed confidence in Mangalam Alloys Limited’s business model and strategy, stating they are likely to yield positive results in the future. Skyline Financial Services Private Limited is the Registrar to the Issue.
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