The initial public offering (IPO) of Macfos Ltd, which opened for public subscription on Friday, February 17, 2023, has been oversubscribed over 8 times on day 1, led by strong demand from retail investors. The three-day initial share sale, with the price band of the offer at ₹ 96 to ₹ 102 per share, will conclude on Tuesday, February 21, 2023. The public issue has been subscribed 18. 52 times in the retail category, 0. 02 times in the qualified institutional buyers (QIBs) category, whereas non-institutional investors (NIIs) are yet to bid as of the end of day 1 on Friday, as per the BSE data. TRENDING STORIES See All Premium Pakistan economic crisis: Many firms closed, inflation . . . Premium NMDC Steel shares list at discount on BSE, NSE after de . . . Premium This most richly valued Adani stock hit hardest in $132 . . . Premium Maharashtra: Uddhav Thackeray calls urgent meeting at S . . . Macfos IPO is an SME issue, comprising of 2,328,000 equity shares of the face value of ₹ 10 aggregating up to ₹ 24 crore. The Offer comprises an Offer for Sale (OFS) by the Selling Shareholders. Atul Maruti Dumbre, Binod Prasad and Nileshkumar Purshottam Chavhan are the promoters of the company. The company in its offer documents said that the selling shareholders will receive the entire proceeds from the OFS and the company will not receive any part of the proceeds of the issue. As per market observers, Macfos shares are commanding a premium ( GMP ) of ₹ 82 in the grey market today. The shares of the company are expected to list on BSE SME on March 1, 2023. The SME platform of the exchanges is intended for small and medium sized companies. Bigshare Services Pvt Ltd is the registrar of the issue. Macfos Limited is an e-commerce based Company marketing a broad range of 12000+electronic components through it’s website & mobile application Robu. in. The company’s Products are used in basic and advanced engineering products & projects, including emerging technologies such as IoT, Robotics, Automations, Drone, Electric Vehicles, 3D Printing and Auto Guided Vehicles. MINT PREMIUM See All Premium Flipkart in talks for its second e-pharma deal Premium Limited role for govt in finance now: Swaminathan Gurum . . . Premium Nano to Air India: What sets India’s swag apart now Premium Let influencers face the limits of their influence "The company relies on third-party supplies and has no manufacturing centre of its own, even though the company has performed well in the last 18 months but sustaining these growths in the future can be a concern in the long term. Watching positive GMP, one can apply for the listing gains," said Manish Khanna, Co-Founder, of Unlisted Assets. Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach. Take the test Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less Topics sme OPEN IN APP.