Mayasheel Ventures, Safe Enterprises Make Strong Debut; Shares List At Up To 23% Premium

Mayasheel Ventures Ltd. and Safe Enterprises Retail Fixtures Ltd. made a stellar market debut on Friday, June 27, with their shares listing at a premium on the NSE SME platform.  

Mayasheel Ventures shares were listed at a premium of more than 23% over the issue price, while Retail Fixtures made a strong debut with its shares listing at over 9% higher than the issue price.

Shares of Mayasheel Ventures opened at Rs 58 apiece on the NSE, at a premium of 23.4% over the IPO price of Rs 47 apiece. The stock further rallied to hit an intraday high of Rs 60 apiece.

As many as 21.33 lakh shares changed hands within five minutes of market debut. Total trading value stood at Rs 12.44 crore, while the market valuation of the company reached Rs 130.1 crore.

Safe Enterprises Retail Fixtures shares opened at Rs 151 apiece on the NSE, indicating a premium of 9.42% over the issue price of Rs 138 apiece. The stock further rallied 5% to hit the upper circuit limit at Rs 158.55 apiece.

As many as 36.34 lakh shares of the company were traded by 10:05 a.m. on the stock exchange, with total trading value reaching Rs 55.44 crore. The company’s market capitalisation stood at Rs 738.91 crore.  

Both the SME issues were open for bidding from June 20 to June 24.

The Mayasheel Ventures IPO was a bookbuilding issue of Rs 27.28 crore. It comprised entirely a fresh issue of 58.05 lakh shares.

The price band for the IPO was set between Rs 44 and Rs 47 per share. A single lot size comprised 3,000 shares. 

Narnolia Financial Services Ltd. was the book-running lead manager of the Mayasheel Ventures IPO. Maashitla Securities Pvt. was the registrar and Prabhat Financial Services Ltd. was the market maker for the issue. 

The IPO was overall subscribed 232.73 times during the three-day bidding period that ended on June 24.

The Safe Enterprises Retail Fixtures IPO was a bookbuilding issue of Rs 169.74 crore, comprising entirely a fresh issue of 1.23 crore shares.

The price band for the IPO was fixed between Rs 131 and Rs 138 per share. A single lot size comprised 1,000 shares. 

Hem Securities Ltd. was the book-running lead manager of the Safe Enterprises Retail Fixtures IPO. Maashitla Securities Pvt. was the registrar and Hem Finlease Pvt. was the market maker for the issue.  

The IPO was overall subscribed 14.7 times.

Ahead of the listing, the grey market premium (GMP) for the Mayasheel Ventures IPO stood at Rs 13 as of 5:55 a.m. on June 27. The GMP indicated a listing price of Rs 60 per share at a premium of 27.66% compared to the upper limit of the issue price band, as per InvestorGain.  

The Safe Enterprises Retail Fixtures IPO GMP stood at Rs 6 apiece as of 5:55 a.m. on June 27, as per InvestorGain. This indicated a premium of 4.35% against the upper end of the price band.

Note: GMP does not represent official data and is based on speculation.

The company will use proceeds from the IPO to buy equipment, fund working capital requirements and for general corporate purposes. 

The company will use proceeds from the IPO to fund capital expenditure to set up a new manufacturing unit, to meet working capital requirements and for general corporate purposes. 

Mayasheel Ventures is an engineering company involved in the construction of roads and electrical projects. The company was established in 2008.

The company manufactures custom fixtures for retailers. It serves businesses in the fields of electronics, fashion and department stores. Its notable clients include Zudio and Nature's Basket.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.