Magenta Lifecare IPO Date, GMP, Subscription Status and more

Magenta Lifecare Limited

Magenta Lifecare Limited, established in 2015, specializes in the production of mattresses and pillows, marketed under the brand name "Magenta" within India. Their product range includes various types of mattresses like memory foam, latex-based, bonded mattresses, and pocketed springs, along with a variety of pillows such as memory foam pillows, molded memory foam pillows, and molded contour foam pillows.

Operating from its manufacturing facility in Gujarat, India, the company currently has the capacity to produce 60,000 mattresses and 70,000 pillows. With a team of 41 employees, Magenta Lifecare caters to retail customers, hotels, and institutions. Their focus is on delivering quality foam-based products to meet the diverse needs of their clientele.

Magenta Lifecare IPO Date

The Magenta Lifecare IPO commenced on June 5, 2024, and will conclude on June 7, 2024. Investors can expect the basis of allotment to be determined by June 10, 2024, with shares credited to demat accounts on June 11, 2024, and the tentative listing scheduled for June 12, 2024.

Magenta Lifecare IPO Details

Here are the details for Magenta Lifecare IPO:

Magenta Lifecare GMP

The Magenta Lifecare IPO's grey market premium (GMP) as of today is +28, implying that shares are trading at a ₹28 premium in the grey market compared to the IPO price of ₹35. This suggests a strong investor interest in the IPO, as indicated by their willingness to pay more than the issue price.

Based on this premium and the upper end of the IPO pricing band, the expected listing price for Magenta Lifecare shares is ₹63 per share, representing an 80% increase from the IPO price. The GMP serves as an indicator of market sentiment and investor expectations regarding the potential performance of the IPO. It provides insight into the demand for the company's shares ahead of its listing on the stock exchange.

Magenta Lifecare Subscription Status

The subscription status of the Magenta Lifecare IPO on day 2 is 74.99 times, indicating overwhelming demand from investors. Among different investor categories, the retail portion is oversubscribed by 117.73 times, while the Non-Institutional Investors (NII) portion is booked 32.19 times.

The qualified Institutional Buyers (QIBs) portion saw a subscription of 1%. As of 14:45 IST, the company has received bids for 14,21,72,000 shares against the 18,96,000 shares on offer. This high subscription rate demonstrates strong investor interest in the IPO. On day 1, the subscription status was 24.49 times. The subscription status provides insights into investor confidence and demand for the company's shares before they are listed on the stock exchange.