Mangal Compusolution Debuts On BSE SME Platform With Flat Listing

(MENAFN- KNN India) New Delhi, Nov 21 (KNN) Mangal Compusolution made its stock market debut on the BSE SME platform on November 21, listing at its initial public offering (IPO) price of Rs 45 per share.

The listing fell marginally short of grey market expectations, which had anticipated a 4.4 percent premium at Rs 47.

The company's IPO, which raised Rs 16.2 crore through a fresh issue of 36.06 lakh shares, demonstrated robust investor interest during its subscription period from November 12 to November 14.

The offering was significantly oversubscribed, with an overall subscription of 34.6 times.

Notably, the Retail Institutional Investors (RIIs) category saw an impressive 46.9 times oversubscription, while Non-Institutional Investors (NIIs) registered 22.3 times oversubscription.

Incorporated in 2011, Mangal Compusolution specialises in IT hardware rental solutions, providing a comprehensive range of products including laptops, desktops, servers, projectors, routers, and other IT peripherals.

While predominantly serving clients in Maharashtra, the company has established a pan-India operational footprint.

The IPO, managed by Jawa Capital Services, with Kfin Technologies as the registrar and Rikhav Securities as the market maker, aims to utilise the proceeds for capital expenditure and general corporate purposes.

The company's promoter group includes Hardik Meghraj Jain, Neeta Mukesh Desai, Pathik Mukesh Desai, Mukesh Khandubhai Desai, and Binny Pathik.

Financial performance indicates some challenges, with the company experiencing a decline in both revenue and profitability.

Between fiscal years 2023 and 2024, revenue decreased by 32.7 percent to Rs 23.4 crore, while profit after tax (PAT) dropped by 45.2 percent to Rs 3.9 crore.

The allotment for the Mangal Compusolution IPO was finalised on November 18, marking a significant milestone for the IT hardware rental solutions provider.

(KNN Bureau)

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