The SME IPO of MR Maniveni Foods will open for subscription on Friday, with grey market activity indicating muted sentiment ahead of the issue launch. According to market trackers, the IPO was commanding a grey market premium (GMP) of 0%, suggesting no premium over the issue price in the unofficial market.
The BSE SME issue aims to raise around Rs 27.04 crore through an entirely fresh issue of 52 lakh equity shares. The IPO will open for subscription on May 22 and close on May 26. Shares are tentatively scheduled to list on the BSE SME platform on June 1. The company has fixed the price band at Rs 51-52 per share.
Investors can bid for a minimum lot size of 2,000 shares. Retail investors will have to apply for at least two lots or 4,000 shares, translating into a minimum investment of Rs 2.08 lakh at the upper end of the price band. For high net-worth investors, the minimum application size has been fixed at three lots or 6,000 shares amounting to Rs 3.12 lakh.
MR Maniveni Foods operates in the food products segment and is raising funds primarily for growth and business expansion.
The IPO comes at a time when SME primary market activity remains active despite cautious sentiment in the broader market. However, the absence of any grey market premium suggests informal market participants currently expect limited listing gains from the issue.
Grey market premiums are unofficial indicators of investor sentiment and do not guarantee actual listing performance after shares debut on the exchange.
Capital Square Advisors is the book-running lead manager to the issue, while Bigshare Services is acting as the registrar. CapitalSquare Financial Services is the market maker for the IPO.
