Men's grooming brand Macobs Technologies initial public offerings (IPO) opened for subscription on July 16. The small and medium enterprise (SME) IPO was subscribed over 2.91 times on the first day of bidding.
Macobs Technologies Limited, a premium men's grooming brand, specializes in below-the-belt male grooming. They offer an exclusive range of products through their e-commerce platform. Their service basket encompasses a wide range of male grooming products, such as advanced trimmers for sensitive areas, skincare tailored to male needs, and a variety of self-care essentials.
“We are delighted to announce the upcoming IPO of Macobs Technologies Limited. This significant milestone is a testament to our relentless dedication to revolutionizing the male grooming industry with innovative and high-quality products. The funds raised from this IPO will be instrumental in driving our strategic initiatives, including enhancing our e-commerce platform, accelerating product development, and expanding our customer base. Our vision is to empower men with superior grooming solutions that not only meet their needs but also promote confidence and well-being. We are excited about the future and the opportunities that lie ahead,” said Dushyant Gandotra, Managing Director of Macobs Technologies Limited.
The SME IPO was subscribed over 2.91 times on the first day of bidding. The IPO received 58,88,000 share applications, against offered 20,20,800 applications on July 16, 2024.
The public issue subscribed 4.31 times in the retail category, 3.06 times in QIB, and 1.47 times in the NII category.
The company aims to raise ₹19.46 crores at the upper band through this IPO, with shares to be 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 net proceeds from the IPO will be used to meet working capital requirements, prepay or repay a portion of certain outstanding borrowings, and for general corporate purposes. Bidding for the anchor portion will open on July 15, 2024, while the issue will be open for subscription for all other categories from July 16, 2024, and close on July 19, 2024.
The Book Running Lead Manager for the issue is SKI Capital Services Limited, and the Registrar is Maashitla Securities Private Limited.
The shares of Macobs Technologies are trading at a premium of ₹15 in the grey market, as per investorgain.com. This means that the estimated listing price of Macobs Technologies IPO could be ₹90, which is 20% higher than the IPO price of ₹75.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
