Mach Conferences and Events IPO: The initial public offering (IPO) of the small and medium-sized enterprise (SME) Mach Conferences and Events Ltd was subscribed more than 22 times on the second day of bidding. The SME IPO of the event planning company opened for subscription on Wednesday, September 4, 2024 and closes on Friday, September 6, 2024.
Mach Conferences and Events IPO offers 5,568,000 shares as part of the public issue. The Delhi-based company reserved 18,45,000 equity shares, or 33.14 per cent, for retail investors, 7,91,400 shares or 14.21 per cent, for non-institutional investors (NIIs), and 10,53,600 shares or 19 per cent for qualified institutional buyers (QIBs). Nearly 3,00,000 shares, or 5.39 per cent, are for market makers.
On the second day of bidding, Mach Conferences and Events IPO was subscribed 22.61 times. The portion reserved for retail investors was subscribed 33.53 times, while the portion reserved for NIIs was booked 21.85 times, and the QIB portion was subscribed 4.05 times. The SME IPO received 8,34,27,000 share applications against 36,90,000 shares offered on Thursday.
On the first day of bidding, Mach Conferences and Events IPO was subscribed 7.63 times. The portion reserved for retail investors was subscribed 9.88 times, while the portion reserved for NIIs was booked 7.85 times, and the QIB portion was subscribed 3.52 times. The SME IPO received 2,81,50,200 share applications against 36,90,000 shares offered on Wednesday.
Mach Conferences and Events IPO is a book-built issue of ₹125.28 crore. It combines a fresh issue of 22.29 lakh shares aggregating ₹50.15 crore with an offer for sale of 33.39 lakh shares aggregating ₹75.13 crore.
The price band is set at ₹214 to ₹225 per share. The minimum lot size for an application is 600 shares, meaning that investors can bid for a minimum of 600 shares andmultiples thereof. The minimum investment required by retail investors is ₹135,000.
The allotment for the Mach Conferences and Events IPO is expected to be finalized on Monday, September 9, 2024. Shares of Mach Conferences and Events will be listed on BSE SME, with a tentative listing date fixed as Wednesday, September 11, 2024.
Beeline Capital Advisors Pvt Ltd is the book-running lead manager of the Mach Conferences and Events IPO, Skyline Financial Services Private Ltd is the registrar, and Spread X Securities is the market maker.
The funds raised from the new offering will be used for the following purposes: meeting working capital needs and general corporate expenses.
The company offers a wide range of services specifically designed for the MICE (Meeting, Incentives, Conferences, Exhibitions) and events industries. They have organised anything from little business gatherings to huge international events.
The company specialises in global event planning, exhibition management, and conference management. Additionally, the business oversees all event logistics at certain locations. This covers the choice of location, lodging plans, logistics of transit, nearby activities, and on-site management.
Through co-working spaces, the organisation maintains a physical presence in over 18 States and Union Territories, including Delhi, Maharashtra, Kolkata, Assam, Tamil Nadu, Jammu & Kashmir, Himachal Pradesh, Goa, Rajasthan, and more. The company's listed peers are Exhicon Events Media Solutions Ltd (with a P/E of 69.28), and Touchwood Entertainment Ltd (with a P/E of 39.67).
Mach Conferences and Events Limited experienced a 68 per cent growth in revenue and a 197 per cent increase in profit after tax (PAT) from the financial year ending on March 31, 2024 compared to March 31, 2023.
Also Read: What drives SME IPO mania? 6 key points retail investors should know before applying for an issue
Mach Conferences and Events IPO GMP today or grey market premium is +220 . This indicates Mach Conferences and Events share price were trading at a premium of ₹220 in the grey market, according to investorgain.com.
At the upper limit of the IPO price range and with the current premium in the grey market, Mach Conferences and Events' share price is estimated to be listed at ₹445 per share, representing a 97.78 per cent increase from the IPO price of ₹225.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
