Manoj Ceramic IPO: View GMP, Application Status and other details

Manoj Ceramic IPO opened on Wednesday, December 27, and will close on Friday, December 29, 2023. The ceramic and tile company has priced at ₹62 per share capital for the issue to be raised ₹14.47 billion.

Manoj Ceramic Book IPO

The issue continues to witness a strong application and has been booked 2.15 at 3:40 pm on the second day of the auction (December 28). Received an auction of 47.72 million shares equal to 22.16 million shares. It was 74 percent booked on Day 1 of the auction (December 27).

The retail portion of the IPO was subscribed the most – 2.84 times, followed by the non-institutional investor (NII) quota, which was quoted 1.47 times.

Manoj Cerami ipo gmp today

The company’s shares indicate no premium compared to the IPO price. It has been the same since December 22, when it started trading on the gray market.

However, one must note that the gray market premium is only an indicator of how a company’s shares perform in the unlisted market and can change quickly.

The issue is a fresh issue of 23.34 million shares ₹14.47 billion in the price band of ₹62. The minimum size for application is 2,000 shares. The minimum amount of investment required by retail investors is ₹1,24,000. The minimum investment size for HNI is 2 lots (4,000 shares) in amount ₹2,48,000.

The company intends to use the issue to operate to meet the investment costs and general corporate objectives.

About 50% of the net issue is reserved for retail investors and the other 50% of the issue is reserved for others.

Incorporated in 1991, the company’s products include ceramic tiles and tile adhesives. The company has a network of distributors in the western and southern regions of India, mainly in Maharashtra, Goa, Tamil Nadu, and Karnataka.

Manoj Ceramic Limited’s revenue increased by 66.54% and profit after tax (PAT) increased by 283.52% between the financial years ending March 31, 2023 and March 31, 2022.

The allotment for the MCPL IPO is expected to be completed on Monday, January 1, 2024. The MCPL IPO will be listed on the BSE SME with a tentative listing date of Wednesday, January 3, 2024.

Swaraj Shares and Securities is the account manager for the MCPL IPO, while Purva Sharegistry India Pvt Ltd is the registrar for the issue. The market maker for MCPL IPO is Shreni shares.

Manoj Ceramic IPO: Should You Buy?

MCL is in the business of trading ceramic tiles and tile adhesives. Based on its FY24 earnings, the issue appears to have a lucky price. It has marked growth in its top and bottom lines in the last 3 budgets. The sudden boost in its bottom line from FY23 onwards raised eyebrows. The sustainability of such margins going forward in a highly competitive segment is a major concern. Dilip Davda, Chittorgarh’s contributing editor, said, well-informed investors may park moderate funds for mid-term rewards.