After gaining nearly 5% in their debut session on NSE Emerge, shares of Menhood surged 5% during the intraday trading session on Thursday
Shares of Macobs Technologies, the parent of Menhood, listed on NSE Emerge at INR 96 apiece – a 28% premium to the issue price of INR 75
The D2C men’s grooming brand’s IPO received strong investor interest and was oversubscribed 157.5 times
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Jaipur-based D2C men’s grooming brand Menhood has become the latest new-age tech startup to list on NSE Emerge. After its listing at INR 96 apiece, a 28% premium to its issue price of INR 75, on July 24 (Wednesday), the stock ended its second trading session at INR 101.65 apiece.
Shares of Macobs Technologies, the parent company of Menhood, gained almost 5% on the first day of trading.
The stock jumped almost another 5% to reach an intraday high of INR 105.8 apiece on Thursday (July 25) but shed most of the gains to end 0.8% higher today.
Concluded last week, the IPO of Macobs Technologies saw strong investor interest and was oversubscribed 157.5 times. Investors bid for 40.89 Cr shares as against 25.95 Lakh shares on offer.
Founded in 2019 by Dushyant Gandotra, with the support of Divya Gandotra and Shivam Bhateja, Menhood offers a wide range of products in the male grooming and lifestyle segment such as trimmers, intimate perfumes, intimate wash and moisturisers.
The startup competes against the likes Bombay Shaving Company and Beardo.
Notably, Menhood is the third startup to go for an NSE Emerge listing this year after TAC Infosec and Trust Fintech. It’s also the seventh startup to have made its stock market debut this year, joining the likes of TBO Tek, Go Digit, Awfis and ixigo.
The listing comes at a time when SME IPOs are on the rise in India. The cumulative amount raised by companies listing on SME platforms of exchanges jumped 128% year-on-year to INR 2,234.92 Cr in the financial year 2022-23 (FY23), according to data from Prime Database. This number jumped further and more than doubled to INR 5,996.84 Cr in FY24.
The ongoing fiscal year has already seen 56 SME issues amounting to INR 1,632.54 Cr.
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