Mahanagar IPO dresses up to get listed on July 1

Finally, Mahanagar IPO which  made a lot of headwinds is ready to get listed on July 1. The IPO got an overwhelming response from the subscribers which was oversubscribed by 64.54 times. The issue is oversubscribed 64.54 times, driven by non-institutional investors (191.61 times) and qualified institutional buyers (72.84 times). Retail investors' participation in the issue was also good, their portion was subscribed 6.82 times and employees 1.18 times.

Mahanagar Gas (MGL) had invited people for subscription from June 21 to June 23 with a price band of Rs 380 to Rs 421 per equity share of face value of Rs 10 each. The minimum bid lot was 35 equity shares in multiples of 35 equity shares thereafter. The issue size of IPO is about Rs 938 crore to Rs 1040 crores.

MGL is one of India’s leading natural gas distribution companies. The company has already connected approximately 8.2 crores households and over 2600 small commercial and 55 industrial establishments. It also supplies CNG to more than 4.2 crore vehicles, which include above 1.9 crore rickshaws and over 50 lakhs taxis and above 1.8 crore cars in Mumbai, Thane, Mira-Bhayander, Navi Mumbai and beyond.