My Mudra Fincorp IPO Opens; Check Price Band, Issue Size And More
Here's all you need to know about the SME IPO of My Mudra Fincorp. Also check the updated Day 1 subscription status.
My Mudra Fincorp Ltd. has launched its initial public offering today. The SME IPO will be open for subscription until September 9. The company plans to raise Rs 33.26 crore through a fresh issue of 30.24 lakh shares. The shares will be listed on the NSE SME platform, with the tentative listing date scheduled for September 12.
My Mudra Fincorp IPO Details
The price band for the My Mudra Fincorp is set between Rs 104 and Rs 110 per share. The minimum application size is 1,200 shares, requiring a minimum investment of Rs 1,32,000 for retail investors. High-net-worth individuals must apply for a minimum of 2,400 shares, totaling Rs 2,64,000.
As per the company's red herring prospectus, out of the 30,24,000 shares - 19.01% is reserved for qualified institutional buyers, 14.25% for non-institutional investors, 33.25% for retail investors and 28.41% for anchor investors.
Hem Securities Limited is the book-running lead manager for the SME IPO, Skyline Financial Services Private Ltd is the registrar, and Hem Finlease will act as the market maker.
My Mudra Fincorp IPO: Day 1 Subscription Status
The IPO was subscribed 5.79 times on Thursday.
Qualified Institutions: 7 times
Non-institutional Buyers: 3.60 times
Retail Investors: 6.04 times
About My Mudra Fincorp Ltd.
Founded in 2013, My Mudra Fincorp Ltd. operates as a channel partner for major banks and non-banking financial companies in India. The company provides a range of financial products including secured loans (home and property loans), unsecured loans (business and personal loans), professional loans, and credit cards.
Recently, the company has expanded into insurance product sales. My Mudra Fincorp serves private individuals, businesses, and professionals like chartered accountants and company secretaries. As of May 31, 2024, the company employed 143 people, including 10 in IT and CRM development.
My Mudra Fincorp IPO: Use of Funds and Objectives
The proceeds from the IPO will be allocated towards several key objectives: repaying a portion of the company's borrowings, investing in technology development and digital infrastructure, meeting working capital needs, and other general corporate purposes.
Financial Performance
In the financial year ending March 31, 2024, My Mudra Fincorp reported a 33% increase in revenue and a 141% rise in profit after tax compared to the previous year.
