The initial public offering (IPO) of Mahamaya Lifesciences, a company operating in the agrochemical sector, commenced its public subscription phase on Tuesday, November 11. This marks a significant step for the firm as it seeks to raise capital from public investors.
IPO Subscription Status and Market Sentiment
Early investor response to the Mahamaya Lifesciences IPO has been tepid. By 11:10 AM on the first day of the offering, the overall subscription level had reached a modest 2 per cent. A closer look reveals that the portion reserved for retail investors was booked at 3 per cent. Notably, the segments allocated for Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs) had not yet recorded any subscriptions at that time.
Market sentiment, as gauged by the grey market, reflects a lack of significant optimism. According to sources in the grey market, the latest Grey Market Premium (GMP) for the Mahamaya Lifesciences IPO was nil. This indicates that the stock is anticipated to be listed on the stock exchange at a price equal to its issue price, offering no immediate premium to investors who acquire shares through the IPO.
Key Details of the Mahamaya Lifesciences IPO
The Mahamaya Lifesciences IPO is structured as a book-built issue with a total size of ₹70.44 crore. This comprises a fresh issue of 56,38,800 shares and an Offer for Sale (OFS) component of 5,40,000 shares.
IPO Dates and Price Band: The subscription window opened on Tuesday, November 11, and is scheduled to close on Thursday, November 13. Potential investors can bid for shares within a price band of ₹108 to ₹114 per equity share.
Utilisation of Proceeds: The company aims to raise ₹64.3 crore from the fresh issue portion. The net proceeds are earmarked for several strategic initiatives, including:
- Purchasing equipment for its existing formulation plant.
- Funding capital expenditure for setting up a new technical manufacturing plant.
- Constructing a warehouse building and purchasing associated machinery.
- A portion will also be allocated to meet working capital requirements and general corporate purposes.
Investment Lot Size: For retail investors, the minimum and maximum bid lot is set at 2,400 shares, which translates to a total application value of ₹2,73,600 at the upper end of the price band.
Share Reservation: The IPO allocation is divided among different investor categories. Qualified Institutional Buyers (QIBs) have been offered 29,28,000 shares, representing 47.39 per cent of the issue. The retail portion consists of 20,59,200 shares (33.33 per cent), while Non-Institutional Investors (NIIs) have a reservation of 8,82,000 shares (14.27 per cent).
Allotment, Listing, and Business Profile
Allotment and Refunds: The finalisation of the share allotment is expected to take place on Friday, November 14. Successful allottees will see the shares credited to their demat accounts on Monday, November 17. Investors who do not receive an allocation will become eligible for a refund on the same day the allotment is finalised.
Listing: In adherence to SEBI's T+3 listing rule, the shares of Mahamaya Lifesciences are proposed to be listed on the BSE SME platform on Tuesday, November 18.
Company Overview: As detailed in the Red Herring Prospectus (RHP), Mahamaya Lifesciences specializes in the manufacturing of pesticide formulations. It supplies bulk formulations to both Indian agrochemical companies and multinational corporations (MNCs).
The company has demonstrated a pattern of financial growth. Its profit surged from ₹3.75 crore in FY23 to ₹5.22 crore in FY24, and further to ₹12.94 crore in FY25. For the three-month period ending June 30, 2025, the profit stood at ₹4.10 crore.
Revenue from operations has also shown a strong upward trajectory, increasing from ₹137.1 crore in FY23 to ₹161.6 crore in FY24, and then to ₹264.2 crore in FY25. For the quarter ended June 30, 2025, the company reported revenue of ₹83 crore.
Lead Managers and Registrar: Oneview Corporate Advisors Pvt. Ltd. is acting as the book-running lead manager for the issue, while KFin Technologies Limited is the registrar.
