Business News

The initial public offer (IPO) of Magenta Lifecare was subscribed over 300 times so far on the third day of the bidding process. The issue closes today.The strong demand was led by retail investors, whose category was booked over 400 times, followed by NII investors, whose portion received a subscription of over 300 times.The IPO was a completely fresh equity issue of 20 lakh shares, each priced at Rs 35. Through the offer, the company plans to raise around Rs 7 crore.Half of the public offer is reserved for retail investors and the rest 50% for non-institutional investors.Magenta Lifecare is in the business of making mattresses and pillows. The company offers foam-based products under the brand "Magenta" in India.The company's product portfolio comprises memory foam, latex-based, bonded mattresses, pocketed springs and pillows such as memory foam pillows, moulded memory foam pillows, moulded contour foam pillows.Fedex Securities is acting as the book running lead manager of the Magenta Lifecare IPO, while Cameo Corporate Services is the registrar.Meanwhile, the issue of Sattrix Information, which opened yesterday, received a subscription of just over 12 times so far on the third day of the bidding process.The IPO, which closes today, was priced at Rs 121 per share, where investors can bid for 1000 shares in one lot and in multiples thereafter.Sattrix Information Security has grown to become a distinguished IT and cyber security solution provider, serving enterprises in India, the US, and the Middle East. The company provides assessments and advisory, professional services and managed security services for businesses.Isk Advisors is the book running lead manager for the IPO, while Bigshare Services is the registrar.