City
Epaper

MCON Rasayan IPO Issue fully Subscribed within hours of opening

By ANI | Updated: March 7, 2023 16:05 IST

MCON Rasayan India Ltd Initial Public Offering (IPO) got fully subscribed within hours of opening on the first day. Driven by strong response from Retails, the RII portion was subscribed 23.41 times and the NII portion was subscribed 7.42 times on Day 1. At 3:30 pm, for the total Issue size of 17,10,000 equity shares, the total bids received was 2,56,44,000 equity shares

Open in App

MCON Rasayan India Ltd Initial Public Offering (IPO) got fully subscribed within hours of opening on the first day. Driven by strong response from Retails, the RII portion was subscribed 23.41 times and the NII portion was subscribed 7.42 times on Day 1. At 3:30 pm, for the total Issue size of 17,10,000 equity shares, the total bids received was 2,56,44,000 equity shares

MCON Rasayan India Limited specializes in manufacturing, marketing, and distributing contemporary building materials and construction chemicals. It boasts a comprehensive product portfolio (more than 80 products) that caters to various construction applications, from foundation to finishing. In contrast to its competitors involved in the cement or paint industry, MCON Rasayan stands out as one of the few players in the country with such a diverse product range, available at a competitive price point. Also, The company had introduced eight (8) innovative products in the past three (3) years either independently or in consultation with their clients.

Mahesh Bhanushali, the CMD of the company on this occasion expressed his gratitude and appreciation for the overwhelming response received from investors. He stated that the strong demand reflects the investors' trust and confidence in the company's growth prospects, innovative products, and excellent management team.

GYR Capital Advisors Private Limited is the Lead Manager to the Issue. The IPO is available for subscription from March 06, 2023, to March 10, 2023. The Equity shares offered through this IPO are proposed to be listed on the EMERGE platform of the NSE on March 20th, 2023.

The promoter and promoter group shareholding will be 66.64 per cent post-IPO, from 91.45 per cent pre-IPO. The company proposes to utilize the funds towards funding the working capital requirements of the company and General corporate purposes.

Incorporated in 2013, MCON Rasayan India Ltd., has two manufacturing units and a strong presence in three states, majorly in Maharashtra, Gujarat and Rajasthan with 100 distributors and 1300 retailers. The products are marketed and sold under the "MCON" brand and their clients are developers, civil contractors and architects.

The construction chemical market is considerably fragmented. As per the CareEdge Report (Construction & Construction Chemicals industry dated June 2022), the industry is expected to maintain its momentum of growth driven by its untapped potential and growth of the construction industry in coming years. With increasing new construction activities and repair and rehabilitation technologies, the demand for construction is likely to make parallel growth. The high import cost of construction chemicals brings an opportunity for the domestic industry to expand and manufacture greater and more advanced products and solutions.

Disclaimer: MCON RASAYAN INDIA LIMITED is proposing, subject to market condition and other considerations, a public issue of its Equity shares and has filed the prospectus with the registrar of companies, Mumbai ("ROC"). The prospectus is available on the website of SEBI (www.sebi.gov.in), website of the Issuer Company (www.mconrasayan.com), the website of the Lead Manager to the Issue (www.gyrcapitaladvisors.com) and on the website of National Stock Exchange of India Limited (www.nseindia.com). Investor should note that investment in equity shares involves high degree of risk. For details, investor should refer to and rely on the prospectus, including the section titled "RISK FACTOR" on page no. 26 of the prospectus, which has been filed with RoC, before making any investment decision.

The equity shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "securities act") and may not be offered or sold within United States (as defined in regulations under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirement of the Securities Act. The equity shares are being offered and sold only outside the United States in offshore transaction in compliance with regulations under the Securities Act and the applicable laws of the jurisdiction where those offers and sales occurs.

Link for prospectus: https://www1.nseindia.com/emerge/corporates/content/MCONRasayan_PROSP.pdf

This story is provided by PNN.will not be responsible in any way for the content of this article. (ANI/PNN)

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: MCON Rasayan India LimitedMcon rasayan india limitedMahesh bhanushaliindiamumbaiIndiUk-indiaRepublic of indiaIndia indiaGia indiaIndia euSouthwest bay of bengalIca india
Open in App

Related Stories

MumbaiPolice Busts Chaddi-Baniyan Gang After Burglary Cases Reported in Mumbai, Navi Mumbai and Thane

MumbaiWestern Railway Revises Timings for Several Major Long-Distance Trains from Mumbai to Gujarat; Check Updated Timetable

MumbaiMumbai: Eknath Shinde Reverses BMC’s ₹15,000 Pothole Fine, Restores ₹2,000 Fee for Ganesh Mandals

Mumbai2008 Malegaon Bomb Blast Case Verdict: All Accused, Including Sadhvi Pragya Thakur, Acquitted by NIA Court

MumbaiMumbai Beggar Bharat Jain Builds Rs 7.5 Crore Fortune in 40 Years, Sparks Debate

Business Realted Stories

BusinessIndia's garments sector faces tariff challenge, country needs bold reforms: GTRI's Ajay Srivastava

BusinessIndia-UK FTA a lesson for US to shed its transactional lens and adopt more empathetic posture

BusinessReliance Infra denies media reports of fund diversion, says position was publicly disclosed in financial statements

BusinessTesla to open 1st charging station in India next week

BusinessSEBI will not spring surprises on F&O contract changes, says Chairman Tuhin Kanta Pandey