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The SME IPO of Macobs Technologies was subscribed over 2.91 times on its first day.
Macobs Technologies, a premium men's grooming brand specializing in below-the-belt male grooming, opened its IPO for subscription on July 16. By the first day, it was subscribed over 2.91 times. The brand offers a variety of grooming products through its e-commerce platform, including advanced trimmers, skincare tailored for men, and other self-care essentials.
Dushyant Gandotra, Managing Director of Macobs Technologies, stated that the IPO is a milestone reflecting their dedication to revolutionizing the male grooming industry. The funds from the IPO will enhance their e-commerce platform, accelerate product development, and expand their customer base.
On the first day, the IPO received 58,88,000 share applications against the offered 20,20,800 applications. The public issue was subscribed 4.31 times in the retail category, 3.06 times in QIB, and 1.47 times in the NII category.
Macobs Technologies aims to raise ₹19.46 crores at the upper band, with shares listed on the NSE Emerge platform. The issue size is up to 25,95,200 equity shares with a face value of ₹10 each. The proceeds will be used for working capital, repaying borrowings, and general corporate purposes. The IPO opened for anchor investors on July 15 and for all other categories from July 16 to July 19, 2024.
Macobs Technologies shares are trading at a premium of ₹15 in the grey market. This suggests an estimated listing price of ₹90, which is 20% higher than the IPO price of ₹75. The grey market premium reflects investors' willingness to pay more than the issue price.
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