Mason Infratech IPO Subscription Status

Mason Infratech IPO - Day-3 Subscription at 32.98 times

As of 6.55 pm on 26th June 2024, out of the 31.68 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Mason Infratech saw bids for 1,044.92 lakh shares. This implies an overall subscription of 32.98X at a macro level at the close of Day-3 of the IPO. The granular break-up of subscriptions as of the close of Day-3 of the Mason Infratech IPO was as under:

The subscriptions were led by the HNI / NII investors followed by the Retail investors and then by the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that was the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Data Source: NSE

The IPO is open up to June 26, 2024, at which point we will know the final subscription status of the IPO. As of today, the status is updated as of the end of Day-3 of the IPO. The IPO has closed for subscription and the table above depicts the final subscription numbers for the IPO. The QIB and the HNI / NII categories see the best momentum coming only on the last and final day of the IPO, while the retail investors predominate on the first two days of the IPO. The market maker portion and anchor quota are excluded for the purpose of calculating the number of times subscription to get a realistic picture of the IPO subscription story.

The book building price band for the IPO has been set in the range of ₹62 per share to ₹64 per share. The issue closed for subscription on 26th June 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 28th June 2024 under ISIN (INE0SH001010).

Mason Infratech IPO - Day-2 Subscription at 4.14 times

As of 5.16 pm on 25th June 2024, out of the 31.68 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Mason Infratech saw bids for 131.30 lakh shares. This implies an overall subscription of 4.14X at a macro level at the close of Day-2 of the IPO. The granular break-up of subscriptions as of the close of Day-2 of the Mason Infratech IPO was as under:

The subscriptions were led by the retail investors followed by the HNI / NII investors and then by the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Data Source: NSE

The IPO is open up to June 26, 2024, at which point we will know the final subscription status of the IPO. As of today, the status is only updated as of the end of Day-2 of the IPO. The QIB and the HNI / NII categories see the best momentum coming only on the last and final day of the IPO, while the retail investors predominate on the first two days of the IPO. The market maker portion and anchor quota are excluded for the purpose of calculating the number of times subscription to get a realistic picture of the IPO subscription story.

The book building price band for the IPO has been set in the range of ₹62 per share to ₹64 per share. The issue closes for subscription on 26th June 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 28th June 2024 under ISIN (INE0SH001010).

Mason Infratech IPO - Day-1 Subscription at 0.89 times

As of 5:08 pm on 24th June 2024, out of the 31.68 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation), Mason Infratech saw bids for 28.24 lakh shares. This implies an overall subscription of 0.89X at a macro level at the close of Day-1 of the IPO. The granular break-up of subscriptions as of the close of Day-1 of the Mason Infratech IPO was as follows:

The subscriptions were led by the retail investors, followed by the HNI / NII investors, and then the QIB investors. The QIB and NII / HNI categories typically gather most of the momentum on the last day, and this trend is expected in this issue as well. The NII bids usually increase on the last day, coinciding with bulk HNI funding bids, corporate bids, and large HNI bids. Even institutional bids often come in on the last day, typically in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes the anchor and market-making portions of the IPO.

Data Source: NSE

The IPO is open until June 26, 2024, at which point the final subscription status will be known. As of today, the status is only updated as of the end of Day-1 of the IPO. The QIB and HNI / NII categories typically gain the most momentum on the last day of the IPO, while retail investors are more active on the first two days. The market maker and anchor quotas are excluded from the subscription calculations to provide a realistic picture of the IPO subscription.

Mason Infratech IPO – Share Allocation Across Categories

The table below captures the breakdown of the overall share allocation to QIBs, retail investors, and HNI / NII investors. The anchor allotment is carved out of the QIB quota, reducing it accordingly. The market maker allocation is the inventory used by the market maker to provide liquidity post-listing, keeping bid-ask spreads low and reducing trading risks. The company has appointed Globalworth Securities Ltd as the market maker, assigning a market-making inventory of 2,40,000 shares. The market maker will use this inventory to offer buy and sell quotes to maintain liquidity and reduce the basis risk on the stock post-listing.

Data Source: Company RHP

The issue size, net of the market maker quota, is divided among QIB investors, retail investors, and HNI / NII investors. On June 21, 2024, the company made an anchor allocation of 13,52,000 shares to anchor investors at ₹64 per share, including a par value of ₹10 and a premium of ₹54 per share. The total size of the anchor allocation was ₹8.65 crore.

The anchor allocation was done across three anchor investors at the upper end of the price band at ₹64 per share. The three major anchor investors were Compact Structure Fund (45.12%), Chanakya Opportunities Fund – I (34.76%), and Craft Emerging Market Fund PCC – Elite Capital Fund (20.12%). No other anchor investors were allotted shares in the pre-IPO anchor bidding on June 21, 2024.

Out of the total anchor allocation of ₹8.65 crore, 50% of the allocation will have a 1-month lock-in until July 27, 2024, and the remaining 50% will have a 3-month lock-in until September 25, 2024. The anchor portion was carved out of the QIB portion, reducing the QIB quota available in the IPO from 47.39% to 18.99%. The stock will list on the stock exchanges on the third working day after the IPO closes.

About Mason Infratech IPO

Mason Infratech's stock has a face value of ₹10 per share, and it is a book-built issue. The book building price band for the IPO is set between ₹62 and ₹64 per share. As a book-built IPO, the final price will be determined within this range. The IPO of Mason Infratech consists only of a fresh issue component, with no offer for sale (OFS). While the fresh issue is EPS and equity dilutive, the OFS is merely a transfer of ownership and does not affect EPS or equity. As part of the fresh issue, Mason Infratech will issue 47,60,000 shares (47.60 lakh shares), raising ₹30.46 crore at the upper band IPO price of ₹64 per share. Since there is no OFS, the overall IPO size also consists of the issuance of 47,60,000 shares, aggregating to ₹30.46 crore at the upper band price.

Read more about Mason Infratech IPO

Like every SME IPO, this issue also has a market making portion. Globalworth Securities Ltd has been appointed the market maker for the issue and a total of 2,40,000 shares have been allocated to the market maker. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs. The company has been promoted by Asit Thakkar Dattani, Ashutosh Juthani and Smeet Thakkar Dattani. The promoter holding in the company currently stands at 98.20%. However, post the fresh issue of shares, promoter equity holding share will get diluted to 71.60%. The fresh issue funds will be used by the company for meeting its ongoing working capital needs of the business. A small part of the IPO proceeds are set aside for general corporate purposes. Expert Global Consultants Private Ltd will be the lead manager to the issue, and KFIN Technologies Ltd will be the registrar to the issue. The market maker for the issue is yet to be announced by the company. The IPO of Mason Infratech will be listed on the SME IPO segment of the NSE.

Next Steps in the Mason Infratech IPO process

The issue opened for subscription on 24th June 2024 and closes for subscription on 26th June 2024 (both days inclusive). The basis of allotment will be finalized on 27th June 2024 and the refunds will be initiated on 28th June 2024. In addition, the demat credits are expected to also happen on 28th June 2024 and the stock will list on 01st July 2024 on the NSE SME IPO segment. The credits to the demat account to the extent of shares allotted will happen by the close of 28th June 2024 under ISIN (INE0SH001010).

Check Mason Infratech IPO allotment status