Magson Retail IPO Witnesses 1.02 Times Subscription on Day 2
Magson Retail and Distribution, a renowned retailer and distributor of gourmet, frozen food, and specialty foods, experienced strong investor interest as its initial public offering (IPO) achieved full subscription on day 2 of bidding, on June 26, Monday.
By 1:00 pm, the Magson Retail IPO had garnered bids for 20.42 lakh shares, resulting in a subscription rate of 1.02 times. According to data from chittorgarh.com, the retail category witnessed a subscription rate of 1.29 times, while the NII (Non-Institutional Investors) category reached 0.74 times. The Qualified Institutional Buyers (QIBs) are yet to submit their bids.
The Magson Retail and Distribution IPO, classified as an SME IPO, opened for subscription on June 23 and will remain open until June 27. It consists of a fresh issue of 21.14 lakh equity shares priced at ₹65 per share, with the aim of raising ₹13.74 crore in capital.
To ensure fair participation, the company has allocated 50% of the IPO’s total size to retail individual investors, while the remainder is reserved for corporate bodies, institutions, QIBs, and Non-Institutional applicants.
ISK Advisors serves as the lead manager for the IPO, with Bigshare Services fulfilling the role of the IPO registrar.
On July 3, the basis for share allotment will be finalized, followed by the initiation of refunds or unblocking of funds on July 4. Shareholders can expect their allotted shares to be credited to their demat accounts by July 5.
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Subsequently, on July 6, the shares of Magson Retail & Distribution will be listed on the NSE EMERGE platform, providing investors with the opportunity to trade the company’s shares.
By successfully tapping into the capital market through this IPO, Magson Retail and Distribution aims to further enhance its presence and expand its operations within the gourmet, frozen food, and specialty foods industry.
About Magson Retail:
Magson Retail is a company that operates in the retail and distribution sectors, with a focus on frozen, gourmet, and specialty foods. In December 2021, the company introduced its own collection of premium products called Rf Gourmet. This brand presents a variety of offerings such as French Fries, Chilli Garlic Potato Shots, Delhi Aloo Tikki, Veggie Burger Tikki, Chicken Seekh Kababs, and more.
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