BSE SME Mangal Compusolution slips on debut

The scrip was listed at Rs 45, at par with the initial public offer (IPO) price. The stock was currently frozen at its lower limit of 5% over its listing price.

The counter hit a high of Rs 45 and a low of Rs 42.75. About 7.83 lakh shares of the company changed hands at the counter.

Mangal Compusolution's IPO was subscribed 32.86 times. The issue opened for bidding on 12 November 2024 and it closed on 14 November 2024. The price of the IPO was set at Rs 45 per share.

The IPO comprised fresh issue of 36,06,000 equity shares. The promoter and promoter group shareholding diluted to 73.50% from 100% pre-issue.

The company intends to utilize the net proceeds to meet capital expenditure requirement of the company and general corporate purpose.

Mangal Compusolution offers a range of IT hardware rental and sales services across India, including servers, laptops, desktops, printers, projectors, routers, workstations, and more. The company specializes in providing customized IT solutions tailored to clients' needs, available for both rental and purchase. Its rental services help businesses save on capital expenditure (CAPEX) benefit from tax advantages and avoid technological obsolescence. It also offers both new and pre-owned equipment to meet diverse client requirements. As on 30 September 2024, the company has 24 full time employees.

The company recorded revenue from operations of Rs 4.08 crore and net profit of Rs 0.80 crore for the period as of 30 June 2024.