Mahamaya Lifesciences IPO opens today: Check GMP, price band, subscription and other details

The Rs 70.44 crore IPO of Mahamaya Lifesciences will open for subscription on Tuesday amid a cautious grey market backdrop. The IPO, which will close on November 13, is being offered in the price band of Rs 108–Rs 114 per share, and the shares are proposed to list on the BSE SME platform on November 18.

According to market observers, the grey market premium (GMP) for the issue is currently flat (Rs 0), suggesting that the shares are expected to list around their issue price. The subdued tone in the unofficial market reflects a wait-and-watch approach from investors amid a busy IPO calendar.

IPO structure and proceeds

The Mahamaya Lifesciences IPO comprises a fresh issue of Rs 64.28 crore and an offer for sale (OFS) of Rs 6.16 crore, aggregating to a total size of Rs 70.44 crore. The company will issue 61.78 lakh equity shares, of which 3.09 lakh shares are reserved for the market maker, Mansi Share and Stock Broking.

Mahamaya Lifesciences plans to use Rs 29.42 crore from the IPO proceeds for setting up a new technical manufacturing plant, Rs 3.75 crore for purchasing new equipment at its existing formulation facility, Rs 2.53 crore for warehouse construction and machinery purchases, Rs 18 crore toward working capital, and the balance for general corporate purposes.

Business overview

Mahamaya Lifesciences manufactures and exports crop protection products and bioproducts designed to improve soil and plant health. The company specializes in pesticide formulations and supplies bulk technical-grade ingredients to both domestic agrochemical companies and multinational corporations.

The firm also imports research-based molecules and registers them with India’s Central Insecticides Board, marketing them as value-added formulations. Mahamaya Lifesciences has also made significant strides in global markets, with product registrations and exports to countries such as the Dominican Republic, Egypt, Ethiopia, Jordan, the UAE, and Turkey.

Financial performance

Mahamaya Lifesciences has reported strong financial growth over the past two years. Revenue rose 64% year-on-year to Rs 267 crore in FY25 from Rs 163 crore in FY24, while profit after tax jumped 148% to Rs 12.94 crore from Rs 5.22 crore.

IPO allocation and investor categories

Of the total 61.78 lakh shares, 47.4% have been allocated to qualified institutional buyers (QIBs), 14.3% to non-institutional investors (NIIs), and 33.3% to retail investors. The company also raised Rs 19.97 crore from anchor investors on November 10, with 17.52 lakh shares allotted ahead of the public offer.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)