Megatherm Induction IPO: Subscription, GMP, Listing 2024

What happened with the Megatherm Induction IPO

Megatherm Induction Ltd came to the market with an NSE SME issue that attracted strong investor interest during the bidding window that ran from January 29, 2024 to January 31, 2024. The IPO was structured as a book built issue, with a price band of ₹100 to ₹108 per equity share and a face value of ₹10. The issue was described as entirely a fresh issue of 49.92 lakh shares, aggregating to ₹53.91 crore. Market participants also tracked the grey market premium (GMP) closely, with the article citing a GMP of ₹110 at one point. The stock later listed on NSE SME on February 5, 2024, with the write-up noting a sharp premium to the offer price.

Issue window, symbol, and where it listed

The issue period was stated as January 29, 2024 to January 31, 2024, with the trading symbol mentioned as MEGATHERM. The listing venue was NSE SME, also referenced as NSE EMERGE in the provided text. The article also includes a listing date of February 5, 2024. Several operational timestamps were highlighted, including IPO market timings of 10:00 a.m. to 5:00 p.m.

Issue structure and size

Megatherm Induction’s IPO was described as a book built issue of ₹53.91 crore, and as a fresh issue of 4,992,000 equity shares (49.92 lakh shares). The text also explicitly mentions the offer including a market maker portion of 250,800 equity shares and an anchor portion of 1,422,000 equity shares.

The price band was ₹100 to ₹108 per share. Because it was a book building issue, the final issue price referenced in the article was ₹108 per share.

Lot size and what retail investors needed to apply

The lot size for bidding was 1,200 equity shares and in multiples thereof, and the minimum order quantity was also 1,200 shares. Using the stated price band, the implied minimum investment depends on the chosen bid price. The write-up includes multiple figures for minimum investment and lot value, including ₹1,20,000 and ₹1,29,600, which align with the lower and upper ends of the price band for a 1,200-share lot. The maximum subscription amount for a retail investor was stated as ₹2,00,000.

Subscription: strong demand but mixed reported totals

The article contains more than one reported headline subscription figure. In one place, it states that the IPO was subscribed 130.4447 times as of January 31, 2024 at 05:00:00 PM. Elsewhere, it states the IPO “witnessed an impressive response” with a subscription rate of 196.11 times on the final day. A separate subscription summary table in the text reports 182.4x total subscription as of January 31, 2024.

Category-wise, the same article text provides multiple figures as well. One section states that on the final day retail was subscribed 200.51x, QIB 105.14x, and NII 307.04x. Another section reports NII at 227.29x with the same QIB (105.14x) and retail (200.51x), and “Others” at 0x. Since these numbers differ within the source text, they are best read as the figures “as reported” across the included snapshots.

Day-by-day bidding trend (as provided)

A day-wise table in the text shows how demand built over the three bidding days. QIB demand was low in the first two days and then rose sharply on Day 3, while retail and NII also ramped up.

Key dates: allotment, refunds, and listing

Multiple date references appear in the article for the allotment process. One line states the “Basis of Allotment will happen on January 31, 2024,” while another states the IPO allotment date as February 1, 2024 after finalisation of the basis of allotment. The refund initiation date was stated as February 2, 2024, and the listing date was consistently stated as February 5, 2024.

GMP cues mentioned in the article

The text explains GMP as the difference between the IPO price and the grey market price and notes that it is tracked to gauge potential listing behaviour. In the “IPO GMP Today” section, the GMP is stated as ₹110. A separate GMP table row also shows: 05-02-2024, IPO Price 108.00, GMP ₹110, Estimated Listing Price ₹218 (101.85%), with a last updated timestamp of 5-Feb-2024 3:28.

Listing performance and post-listing references

The article notes that Megatherm Induction listed on NSE SME on 05-02-2024. It states the stock opened at ₹198 against the issue price of ₹108, and describes this as an 83.33% listing gain. Another line in the text mentions the IPO “listed at a listing price of ₹207.90 against the offer price of 108.00.”

The write-up also mentions the stock trading at around ₹207.90 per share “as of writing,” and separately states a “current market price” of ₹225.00. It also states the company’s market capitalisation as ₹373 crore on the NSE.

Key intermediaries and contact details mentioned

The book running lead manager was stated as Hem Securities Limited, while the registrar was stated as Bigshare Services Private Limited. The market maker was stated as Hem Finlease, and the market maker portion was specified as 250,800 shares.

The registrar contact details provided include: Babu Raphel, +91-022-62638200, ipo@bigshareonline.com, and an address in Andheri (East), Mumbai. The company contact details included a phone number +91 33 4088 6200 and email cs@megatherm.com.

Snapshot table: key facts from the article

Why the numbers matter for investors tracking SME IPOs

For SME IPOs, investors typically track three sets of numbers highlighted throughout the article: subscription demand, GMP, and the first-day listing price versus the offer price. Here, the article reports very high participation levels across categories by the end of the issue period, with retail and non-institutional participation described as particularly strong. It also ties the “bumper listing” narrative to “decent subscription figures,” pointing to the role of demand indicators in shaping expectations.

At the same time, the text includes multiple subscription totals and two different listing price references. For readers, the practical takeaway is to treat each figure as a specific snapshot from the source and to cross-check the final exchange data when making comparisons across IPOs.

Conclusion

Megatherm Induction’s ₹53.91 crore NSE SME IPO, priced in a ₹100-108 band, saw very strong reported demand by the end of bidding and later listed on February 5, 2024 at a sharp premium to the ₹108 issue price. The article also cites a ₹110 GMP reference and provides a detailed timeline for bidding, allotment, refunds, and listing, along with the key intermediaries involved.