Mahamaya Lifesciences IPO Subscription Status: IPO Fully Subscribed 1.59x on Strong HNI and Institutional Demand
By Shishta Dutta | Updated at: Nov 14, 2025 01:15 PM IST
Mumbai, November 13, 2025- The ₹70 crore initial public offering (IPO) of Mahamaya Lifesciences Limited received a strong finish on Thursday, with the overall issue subscribed 1.59 times at the close of bidding, led by robust participation from high-net-worth individuals (HNIs) and institutional investors.
The three-day issue, which opened on November 11, was priced in a band of ₹108–₹114 per share and will now proceed toward allotment finalization on November 14 before listing on the BSE SME platform on November 18, 2025.
Overwhelming HNI Response
The Non-Institutional Investor (NII) category emerged as the standout segment, subscribed 2.95 times overall, with larger HNI bids (applications above ₹10 lakh) soaring to 5.53 times. This was driven by strong demand from both corporate and individual HNI applicants, indicating high confidence in the company’s growth prospects.
Institutional Backing Strengthens
The Qualified Institutional Buyers (QIBs) segment was 1.19 times subscribed, supported by active participation from Foreign Institutional Investors (FIIs), who bid for 5.84 lakh shares, while domestic and other institutions collectively sought 8.17 lakh shares.
Retail Investors Join in Late Surge
The Retail Individual Investor (RII) portion ended at 1.02 times subscription, with 877 applications for 21.04 lakh shares, reflecting strong retail traction in the closing hours of the issue.
Final Subscription Summary (as of 5:04 PM)
| Category | Shares Offered | Shares Bid | Times Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIBs) | 11,76,000 | 14,01,600 | 1.19x |
| Non-Institutional Investors (NIIs) | 11,91,600 | 35,14,800 | 2.95x |
| Retail Individual Investors (RIIs) | 20,59,200 | 21,04,800 | 1.02x |
| Total | 44,26,800 | 70,21,200 | 1.59x |
Source: BSE data, last updated November 13, 2025, 5:04:53 PM.
Price-Wise Bidding Activity
| Price (₹) | Quantity Bid |
|---|---|
| 108 | 70,21,200 |
| 109 | 70,02,000 |
| 110 | 69,99,600 |
| 111 | 69,97,200 |
| 112 | 69,94,800 |
| 113 | 69,92,400 |
| 114 | 69,90,000 |
The final bidding trend shows that most investors preferred the lower end of the price band (₹108), although demand remained consistent across higher price levels, reflecting a balanced investor sentiment.
Strong Institutional Confidence via Anchor Investment
Prior to the IPO opening, Mahamaya Lifesciences raised ₹19.99 crore through the anchor book on November 10, allotting 17.52 lakh shares at ₹114 per share to seven institutional investors. The list included Abundantia Capital, Ebisu Global Opportunities Fund, Vikasa India EIF Incube, and NAV Capital Emerging Star Fund, signaling strong institutional confidence.
Use of Proceeds
Mahamaya Lifesciences Limited IPO net proceeds from the fresh issue will be utilized for:
- Setting up a new technical manufacturing plant
- Expanding the existing formulation facility
- Constructing a warehouse
- Funding working capital requirements
About the Company
Established in 2002, Mahamaya Lifesciences Limited is a Delhi-based agrochemical company engaged in manufacturing pesticide formulations and bulk chemicals for Indian and global clients. It operates a state-of-the-art plant in Dahej, Gujarat, and exports to countries including Turkey, Egypt, the UAE, and the Dominican Republic.
The company focuses on developing environmentally sustainable and research-driven crop protection solutions, catering to the growing demand for modern agrochemicals in India’s expanding agri-sector.
Next Steps:
The basis of allotment will be finalized on November 14, followed by refunds and share credits on November 17, and the stock’s listing on November 18, 2025, on the BSE SME platform.
The IPO’s strong closing subscription — backed by FIIs, corporates, and HNIs — underscores the market’s faith in Mahamaya Lifesciences’ long-term growth trajectory.
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