Mach Conferences And Events IPO Subscribed More Than 190 Times On Day 3

Mach Conferences and Events Ltd.'s Initial Public Offering which opened for subscription on Wednesday is an SME IPO offering a combination of fresh issue shares and an offer for sale, with key details and pricing outlined below. The IPO was subscribed 7.63 times on Wednesday, 22.61 times on Thursday and more than 190 times on Friday.

The IPO was subscribed 196.70 times at 06:19 p.m. on Friday.

• Qualified Institutional Buyers: 146.66 times

• Non-Institutional Investors: 403.69 times

• Retail Individual Investors: 136.49 times

The Mach Conferences and Events IPO is a book-built issue valued at Rs 125.28 crore. It comprises a fresh issue of 22.29 lakh shares, amounting to Rs 50.15 crore, and an offer for sale of 33.39 lakh shares, totaling Rs 75.13 crore. The price band for the SME IPO is set between Rs 214 and Rs 225 per share.

The IPO opened for subscription on September 4 and will close on September 6. The minimum lot size for application is 600 shares, with a minimum investment of Rs 135,000 for retail investors. High-net-worth individuals (HNIs) must invest a minimum of Rs 270,000 for 1,200 shares.

As per the company's red herring prospectus, of the 55,68,000 shares offered - 18.92% is reserved for qualified institutional buyers, 14.21% for non-institutional investors, 18,45,000 (33.14%) for retail investors and 28.34% reserved for anchor investors.

Beeline Capital Advisors Pvt Ltd. is serving as the book-running lead manager for the IPO, while Skyline Financial Services Private Ltd is the registrar. Spread X Securities is the market maker for the issue.

The allotment of shares is expected to be finalised on September 9 with the listing scheduled on the BSE SME platform on September 11.

Founded in 2004, Mach Conferences and Events Limited specialises in providing comprehensive services for the MICE (Meetings, Incentives, Conferences, Exhibitions) and events sector. The company offers a range of services including conference management, exhibition management, and global event planning.

They handle all logistical aspects of events, including venue selection, accommodation, transportation, and on-site coordination. Mach Conferences has managed 90 events in the past year, with locations spanning London, Mussoorie, Bangalore, South Korea, Paris, Goa, Srinagar, and Singapore. Their client base includes prominent names from the banking, finance, insurance, hospitality, infrastructure, and FMCG sectors.

The net proceeds from the fresh issue will be allocated towards meeting working capital requirements and for general corporate purposes.

For the financial year ending March 31, 2024, Mach Conferences and Events Limited reported an increase in revenue, which grew by 68%. Their profit after tax saw a substantial rise of 197% compared to the previous year.