MVK Agro Food Products share price made a weak debut on NSE SME on Thursday. On NSE SME, share price of MVK Agro Food Products opened at Rs 79. This is 34.17% lower than the issue price of Rs 120. However, after a weak start, shares hit upper circuit of 5%. MVK Agro Food Products IPO opened for membership on 29 February and closed on 4 March. The price band of MVK Agro Food Products IPO was set at Rs 120 per share. The MVK Agro Food Products lot size consisted of 1,200 shares. Investors could bid for a minimum of 1,200 shares and in multiples thereof.
Target to raise Rs 65.88 crore
MVK Agro Food Products Ltd, which specializes in sugar production, by-product utilization and power generation, based in Nanded district of Maharashtra is aiming to raise Rs 65.88 crore through this IPO. According to Livemint news, the net proceeds from the IPO will be used to set up a greenfield unit in Nanded, Maharashtra. The funds will be used for manufacturing of ethanol and production and bottling of bio-CNG and fertilizer as well as general corporate expenses.
Book Running Lead Manager and Registrar
Horizon Management Private Limited is the book running lead manager of M.V.K. Agro Food IPO, while Mass Services Limited is the registrar for the issue. M.V.K. The market maker for Agro Food IPO is Nikunj Stock Brokers. On the third day of bidding, the IPO was subscribed 8.46 times.
There was full support from retail investors
This IPO received an excellent response from retail investors. The half reserved for retail investors was subscribed 13.01 times. Under this IPO, 54.90 lakh new shares with face value of Rs 10 have been issued. There was a rise in the stock after the listing but later it continued to weaken.
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