Incorporated in 2016, MCON Rasayan India Limited is in the business of manufacturing, marketing, and selling of modern building materials and construction chemicals. The company has a suite of more than 80 products including a range of construction materials and construction chemicals in both powder and liquid forms.
Powder products of the company are Ready mix plaster, Tile adhesives, Block adhesives, Wall putty, Micro concrete & polymer mortar, Engineering non-shrink grouts and Floor hardeners.
Liquid Form products include:Poly-urethane (PU) based liquid membrane, Bonding agents, Paints, Anti-corrosive coatings, Concrete admixtures and Curing compounds.
The products of MCON Rasayan India Limited are marketed under the brand label “MCON”.
The company has two manufacturing plants in Valsad and Navsari, Gujarat. The plant at GIDC Sarigam, Valsad, Gujarat mainly engages in the manufacturing of admixtures, wall putty, tile adhesives, paints, concrete repair systems, and waterproofing systems and has an installed capacity of 2,500 MTPA. And the plant in Navsari, Gujarat manufactures readymix mortars, block adhesives, and tile adhesives and has an installed capacity of 12,500 MTPA.
The top 10 products of MCON are as under MCON Magic Coat WP, MCON Magic Coat PU White, MCON Mortar/NSA Grey, MCON Micro Mortar, MCON Polymer Mortar EP, MCON Block Fix /Block Mortar, MCON Readyplaster, MCON Ultra Gyp Bond, MCON Wall Putty, and MCON Hard/Top Floor Metallic.
Company Financials
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31-Mar-20 | 776.02 | 896.95 | 3.61 | 110.72 | 9.72 | 321.61 |
| 31-Mar-21 | 831.81 | 899.78 | 18.68 | 178.40 | 28.40 | 346.58 |
| 31-Mar-22 | 1,446.31 | 1,922.36 | 44.40 | 221.29 | 71.29 | 740.85 |
| 30-Sep-22 | 1,777.53 | 1,304.67 | 85.64 | 456.93 | 269.43 | 642.63 |
| Amount in ₹ Lakhs |
Objects of the Issue
The Company proposes to utilize the funds towards the following objects:
- Funding the working capital requirements of the company
- General Corporate Purposes
MCON Rasayan IPO Details
| IPO Date | Mar 6, 2023 to Mar 10, 2023 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price | ₹40 per share |
| Lot Size | 3000 Shares |
| Issue Size | 1,710,000 shares of ₹10 (aggregating up to ₹6.84 Cr) |
| Fresh Issue | 1,710,000 shares of ₹10 (aggregating up to ₹6.84 Cr) |
| Market Maker portion | 90,000 shares |
| Issue Type | Fixed Price Issue IPO |
| Listing At | NSE SME |
| NII (HNI) Shares Offered | 50% of the Net Issue |
| Retail Shares Offered | 50% of the Net Issue |
| Company Promoters | Mahesh Ravji Bhanushali is the Promoter of the Company. |
MCON Rasayan IPO Tentative Timetable
MCON Rasayan IPO opens on Mar 6, 2023, and closes on Mar 10, 2023. The MCON Rasayan IPO bid date is from Mar 6, 2023 10.00 A.M. to Mar 10, 2023 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.
| Event | Tentative Date |
|---|---|
| Opening Date | Mar 6, 2023 |
| Closing Date | Mar 10, 2023 |
| Basis of Allotment | Mar 15, 2023 |
| Initiation of Refunds | Mar 16, 2023 |
| Credit of Shares to Demat | Mar 17, 2023 |
| Listing Date | Mar 20, 2023 |
MCON Rasayan IPO Lot Size
The MCON Rasayan IPO lot size is 3000 shares. A retail-individual investor can apply for up to 1 lots (3000 shares or ₹120,000).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 3000 | ₹120,000 |
| Retail (Max) | 1 | 3000 | ₹120,000 |
| HNI (Min) | 2 | 6,000 | ₹240,000 |
MCON Rasayan IPO Promoter Holding
| Pre Issue Share Holding | 91.45% |
| Post Issue Share Holding | 66.64% |
MCON Rasayan IPO Review
MRIL is engaged in the business of modern building materials/construction chemicals which is a highly competitive and fragmented segment. Its comparison with bigwigs like Asian Paint, Pidilite, and Kansai Nerolac as peers is nothing but an eyewash. Based on its FY23 earnings the issue is fully priced. Only well-informed/cash surplus investors may take a risk, others can stay away. Read detail review…
MCON Rasayan IPO Prospectus
Company Contact Information
MCON Rasayan India Limited
101/A, 1st floor, Maxheal House, Plot-169
CTS-104 Bangur Nagar, Goregaon West,
Near Ayyappa Temple, Mumbai- 400090
Phone: +91 86559 88698
Email: compliance@mconrasayan.com
Website: http://www.mconrasayan.com/
MCON Rasayan IPO Registrar
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: mconrasayan.ipo@linkintime.co.in
Website: https://linkintime.co.in/