Mandeep Auto Industries Debuts at 7.1% Discount, Off to a Slow Start on NSE SME!

Mandeep Auto Industries debuted on NSE SME at ₹62.25, a 7.1% discount from its ₹67 issue price, reflecting a weaker than expected start in the market on May 21.
Mandeep Auto Industries Debuts at 7.1% Discount, Off to a Slow Start on NSE SME!

Mandeep Auto Industries had a lackluster debut on the NSE SME, opening at ₹62.25, marking a 7.1% drop from its issue price of ₹67 on May 21. The shares began trading below expectations, reflecting a subdued market entry.

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The ₹25.25 crore public offering of Mandeep Auto Industries, comprising 37.68 lakh fresh shares, was subscribed 77.21 times. Retail investors subscribed over 90 times their quota, while non-institutional investors took up 61.5 times their allocated portion, indicating strong market interest.

Established in 2000, the company is a recognized manufacturer and supplier of an extensive range of products including sheet metal components, auto parts, sprocket gears, and machined components. These products find applications in various sectors such as the automotive, tractor, material handling, earth moving equipment, railway, defence, machine tools, and the DIY industry.

The raised funds from their recent initiative are earmarked for several key uses which includes expanding the current manufacturing capabilities, reducing debt through the repayment or prepayment of existing loans, bolstering working capital, and addressing general corporate needs.

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