~The IPO was fully subscribed within hours of opening, receiving an overwhelming responses from both Retail Individual Investors (RII) and Non-Institutional Investors (NII) ~
~ The IPO received bids for 17,10,000 equity shares which got oversubscribed by 15.00 times at 3:30pm~
Mumbai (Maharashtra) [India], March 7: 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 March20th , 2023.
The promoter and promoter group shareholding will be 66.64% post-IPO, from 91.45% 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.
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