March 20, 2023
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Mcon Rasayan India IPO Listing
The shares on 20 March 2023, got listed at Rs.48 (Vs. Rs. 40 issue price) eg at 20% premium. The listing is much below the estimate and calculations of Grey market players.
Mcon Rasayan India IPO Guidance:
The company manufactures wide range of building materials, paints, chemicals, bonding agents, anti-corrosion chemicals. It has tough competition of giants like Asian Paints, Pidilite etc. Profits are not quite impressive. On plus side: small IPO size and grey Market fancy. Fundamentally not so attractive, yet only based on Grey market fancy, you may apply.
Mcon Rasayan India IPO Grey Market updates
GMP: Rs.15, declining
Allotted Applications: No trades.
Mcon Rasayan India IPO Subscription Status
On 10 March 2023 @ 5.00 pm (Day 4)
NII: 810000 Shares, 307.09T
RII: 810000 Shares, 453.41T
Total: 1620000 Shares 384.64T
Mcon Rasayan India: Company Details
The company is in the business of manufacturing, marketing and selling of modern building materials and construction chemicals with a suite of more than 80 products which includes a range of construction materials and construction chemicals in both powder and liquid forms. Its powder products such as ready mix plaster, tile adhesives, block adhesives, wall putty, micro concrete & polymer mortar, engineering non shrink grouts and floor hardeners are widely used in the building construction segment. Its liquid portfolio having products such as poly-urethane (PU) based liquid membrane, bonding agents, paints, anti-corrosive coatings, concrete admixtures and curing compounds. Its products are marketed and sold under the “MCON” brand.
The company has two manufacturing plants in Valsad and Navsari, Gujarat. Its plant at GIDC Sarigam, Valsad, Gujarat mainly manufactures admixtures, wall putty, tile adhesives, paints, concrete repair systems and waterproofing systems and has an installed capacity of 2,500 MTPA.
Its other plant at Chikli, Navsari, Gujarat mainly manufactures readymix mortars, block adhesives and tile adhesives and has an installed capacity of 12,500 MTPA. Its third plant is a greenfield project under-construction at Ambethi, Valsad and is expected to be operational by the end of FY 2023.
Its total installed manufacturing capacity will be 36,000 MTPA for powder products and 6,000 MTPA for liquid products by the end of FY 2023. Its manufacturing plants are situated at Valsad being the border of Maharashtra and Gujarat which is strategic location with respect to serving the western regional markets of the country.
It supplies its products to more than 100 distributors and dealers which in turn supply them to more than 1300 retailers based in the States of Maharashtra, Gujarat and Rajasthan who serve various developers, contractors and architects in these western regional markets.
For more information about the company, Click www.mconrasayan.com
| Mcon Rasayan India IPO Details | |
| IPO opens on Tentative | 6 March 2023 |
| IPO closes on | 10 March 2023 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 2000000 Sh /Rs 8 Cr |
| * Fresh Issue | 2000000 Sh /Rs 8 Cr |
| * Offer for Sale | – Sh /Rs – Cr |
| Face Value per share: | Rs. 10 |
| Price Band | Rs.40 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 3000 Shares |
| Listing will at | NSE Sme |
| Shares offered to | ||
| Shares | Rs. (Cr) | |
| QIB (0 %) | – | – |
| NII (50 %) | ? | ? |
| RII (50 %) | ? | ? |
| Total Shares | ? | ? |
| Retail portion will be oversubscribed by | ? | |
| Forms | ||
| How much Shares to Apply? | ||
| Min Retail Application | 3000 Sh | Rs. 120000 |
| Max Retail Application | 6000 Sh | Rs. 240000 |
Promoters of the IPO
MAHESH RAVJI BHANUSHALI
Objects of the IPO:
The Company proposes to utilize the Net Proceeds from the Issue towards
Funding our working capital requirements
| IPO Tentative timetable | |
| IPO opens on | 6 March 2023 |
| IPO Closes on | 10 March 2023 |
| IPO Allotment on | 15 March 2023 |
| Unblocking of ASBA | 16 March 2023 |
| Credit of Shares | 17 March 2023 |
| Listing on | 20 March 2023 |
| Registered Office of the Company |
| 101/A, 1st floor, Maxheal House, Plot-169, CTS-104 Bangur Nagar, Goregaon West, Near Ayyappa Temple, Mumbai- 400090, Maharashtra, India. |
| IPO Lead Managers |
| GYR Capital Advisors Private Limited |
| Registrar to the IPO |
| Link Intime India Private Limited |
| IPO Financial & Analytical Ratios | ||||
| Year | Total Income | Net Profit | EPS | RoNW |
| Rs.in Cr | Rs.in Cr | Rs. | % | |
| 2019-20 | 8.97 | 0.03 | 0.32 | 3.27 |
| 2020-21 | 8.99 | 0.18 | 1.25 | 10.47 |
| 2021-22 | 19.22 | 0.44 | 2.96 | 20.06 |
| Book Value of the Share on | 31.03.2022 | Rs.14.75 | ||
| Book Value of the Share | after the IPO | Rs.- | ||
| Offer Price | Rs. 40 | |||
| Ratio Analysis | |
| Upper Price/last EPS | 90.9 |
| Upper price/BV Ratio | 2.71 |
| Upper price/BV after IPO | |
–
Mcon Rasayan India IPO Peer Comparison:
| As on date of RHP | FV | Total | PE |
| Rs. | Income | Ratio of | |
| Rs. In Cr | |||
| The IPO Company | 10 | 6.54 | 90.00 |
| Asian Paints | 1 | 15162 | 165.37 |
| Pidilite Industries | 1 | 5544 | 201.34 |
| Kansai Nerolac | 1 | 3767 | 85.27 |
# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
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