Mandeep Auto Industries Ltd Share Price – NSE

Auto Ancillaries, Small Cap

Mandeep Auto Industries has revised the meeting of the Board of Directors which was scheduled to be held on 10 June 2024. The meeting will now be held on 14 June 2024.

Powered by Capital Market - Live News

Mandeep Auto Industries will hold a meeting of the Board of Directors of the Company on 10 June 2024

Powered by Capital Market - Live News

The scrip was listed at Rs 62.25, a discount of 7.09% compared with the initial public offer (IPO) price. The stock is currently trading up 3.05% over its listing price.

The counter hit a high of Rs 65.20 and a low of Rs 59.15. About 11.68 lakh shares of the company changed hands at the counter.

Mandeep Auto Industries' IPO was subscribed 72.27 times. The issue opened for bidding on 13 May 2024 and it closed on 15 May 2024. The price of the IPO was fixed at Rs 67 per share.

The IPO comprised fresh issue of 37,68,000 equity shares. The promoter and promoter group shareholding diluted to 63.53% from 99.97% pre-IPO.

The company intends to utilize the net proceeds for expansion of the existing manufacturing facility located Haryana by construction of the building on the land adjacent to its existing manufacturing unit, purchase of equipment/machineries, etc, funding for repayment/prepayment of certain borrowings availed by the company and for funding working capital requirements, general corporate purposes and to meet expenses related to the issue.

Mandeep Auto Industries is a leading manufacturer and supplier of sheet metal components, auto parts, sprocket gears, and machined components for various industries, including tractor, automobiles, material handling, railways, defense, machine tools, and DIY. Their manufacturing unit utilizes advanced technologies to meet stringent quality control requirements. They also manufacture customized components to meet customer specific needs, ensuring high precision in quality and time. They engage with customers through marketing and personal interactions, updating them on their capabilities and strengths. The company has 54 employees on its payroll and 15 contract labourers.

The company recorded revenue from operations of Rs 16.56 crore and net profit of Rs 2.14 crore as the period from 1st July 2023 to 31 December 2023.

Powered by Capital Market - Live News