Megatherm Induction IPO Day 1: Issue subscribed 11.88 times; Here are the GMP and other details

Megatherm Induction IPO opens for subscription on Monday, January 29, and will close on Wednesday, January 31.

Megatherm Induction Limited manufactures induction heating and melting products using electric induction such as induction melting furnaces and induction heating equipment. Megatherm Induction is a subsidiary of Megatherm Electronics Private Limited.

The company also manufactures upstream and downstream equipment and machinery for steel works, such as transformers, ladle furnaces, continuous casting machines, fume extraction systems, etc., as well as electric furnaces for alloy and special steel industries.

Megatherm Induction IPO Application Status

Megatherm Induction IPO received bids for 3,96,37,200 shares against 33,19,200 shares in the offer.

The retail category of the Megatherm Induction IPO was oversubscribed at 19.38, receiving 3,21,67,200 applications against an offer of 16,59,600 shares. Meanwhile, QIB and NII were booked more than 1 time and 9.17 times on the first day of application.

Megatherm Induction ipo gmp today

Megatherm Induction GMP today, or popular in the gray market today, is ₹100 per share. This indicates that Megatherm Induction shares are trading at a premium of 92.59% ₹100 pieces in GMP, compared to its price of ₹108 per share.

Megatherm Induction IPO details

IPO Small and Medium Enterprises (SME) is an issue created by ₹53.91 billion. The issue is a fresh issue of 49.92 million shares.

The Megatherm Induction IPO price band is set at ₹100 to ₹108 per share. The minimum size for the application is 1200 shares. The minimum amount of investment required by retail investors is ₹129,600. The minimum investment size for HNI is 2 lots (2,400 shares) in the amount ₹259,200.

Not more than 50 percent of the issue is reserved for QIB, not less than 35 percent of the offer is reserved for retail investors and not less than 15 percent of the issue is reserved for NII (HNI) investors.

The company raised ₹15.36 crore from anchor investors on January 25. Meru Investment Fund, Bengal Finance and Investment and Chattisgarh Investments are among the participants in the anchor book round.

Hem Securities Limited is the lead book manager of the Megatherm Induction IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for the Megatherm Induction IPO is Hem Finlease.

The allotment for the Megatherm Induction IPO is expected to be completed on Thursday 1 February 2024. The Megatherm Induction IPO will list on the NSE SME with a target date of Monday 5 February 2024.