My Mudra Fincorp Ltd.'s initial public offering which opened for subscription last week was subscribed more than 100 times on Monday, the final day of bidding.
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.
The company set a price band of Rs 104-110 per share. The minimum application size was 1,200 shares, requiring a minimum investment of Rs 1,32,000 for retail investors. High-net-worth individuals were required to apply for a minimum of 2,400 shares, totalling Rs 2,64,000.
My Mudra Fincorp IPO Day 3 Subscription Status
The IPO has been subscribed 102.48 times as of 6:03 p.m. on Monday.
Qualified Institutional Buyers: 48.83 times
Non-Institutional Investors: 159.37 times
Retail Individual Investors: 108.77 times
My Mudra Fincorp IPO Details
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 Ltd. is the book-running lead manager for the SME IPO, Skyline Financial Services Pvt. Ltd. is the registrar, and Hem Finlease will act as the market maker.
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.
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.
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.
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