Mahendra Realtors IPO listing: Shares debut at 20% discount, extend losses to hit 5% lower circuit

Mahendra Realtors IPO listing: Shares of Mahendra Realtors & Infrastructure saw a weak debut as the SME stock listed at a 20 per cent discount on Wednesday, August 20. Mahendra Realtors' share price opened at ₹68 against its issue price of ₹85 and extended losses to hit its 5 per cent lower circuit of ₹64.60.

The stock debuted below grey market expectations. Grey market sources had anticipated the listing to be at par with the issue price of ₹85.

Mahendra Realtors & Infrastructure provides various services, including structural repairs, rehabilitation, retrofitting, waterproofing, corporate interiors, build-operate-transfer (BOT) projects, maintenance, construction, and infrastructure restoration.

Its profit in FY23 was ₹4.04 crore, which rose to ₹11.58 crore in FY24 and to ₹14.87 crore in FY25.

Revenue from operations was ₹63 crore for FY23, ₹101.49 crore for FY24, and ₹124.77 crore for FY25.

The company has executed structural repair projects for government bodies like CIDCO at Vashi and Belapur Railway Stations, using advanced techniques such as polymer-modified mortar, micro concrete, and waterproofing.

Notably, its Ghatkopar project, involving steel jacketing and retrofitting, earned a Stability Certificate from IIT Bombay.

It has also delivered high-profile interior works for IIT Bombay, Airport Authority of India, VVIP Circuit House (Pune), and SVP Hospital (Ahmedabad).

The SME IPO opened for subscription on Tuesday, August 12, and concluded on Thursday, August 14. The IPO price band was set at ₹75 to ₹85 per share.

The issue was subscribed to 25 times, with the retail segment booked almost 26 times and the segment reserved for QIB subscribed to 27 times.

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