The maiden public issue of Emmforce Autotech, the automotive components maker, saw robust demand from investors, subscribing 69.25 times on the second day of bidding, i.e. April 24.
Investors picked 27.24 crore equity shares, which were worth Rs 2,669.66 crore at the upper price band as against IPO size of 39.33 lakh equity shares, showed the subscription data on BSE.
Retail investors remained in the leading position, buying 92.57 times the allotted quota, followed by non-institutional investors (high networth individuals) who bought 86.89 times the reserved portion.
Qualified institutional buyers, too, looked supportive, picking 10.57 times the part set aside for them.
Also read: JNK India IPO fully subscribed, retail investors booked 1.13 times on Day 2
Emmforce Autotech, which compares itself with listed entity Divgi Torqtransfer Systems, launched IPO on April 23 to raise Rs 53.90 crore by issuing 54.99 lakh equity shares at the upper price band.
The price band for the initial public offering, which closes on April 25, has been fixed at Rs 93-98 per share.
The IPO consists of only a fresh issue component by the company. Out of the net fresh issue proceeds, the Haryana-based company will invest Rs 10 crore in its subsidiary Emmforce Mobility Solutions (EMSPL) in the form of equity or debt for meeting the requirement of working capital and margin money for term loan.
Further, Rs 27 crore will be used for its working capital requirements, and the remaining for general corporate purpose.
Emmforce manufactures niche automotive drivetrain parts like differential housings, differential lockers, differential covers, 4WD locking hubs, spindles, axles & shafts, and gear shifters for 4-wheel Drive and performance racing vehicles.
Meanwhile, the Shivam Chemicals IPO was subscribed 1.93 times on Wednesday, the second day of bidding as investors picked 88.86 lakh equity shares against offer size of 45.87 lakh equity shares.
Retail investors bought 3.02 times the reserved portion and non-institutional investors bid 1.05 times the allotted quota.
The hydrated lime (calcium hydroxide) producer aims to mop up Rs 20.18 crore through its public issue of 45.87 lakh equity shares at a price of Rs 44 per share.
Further, the public issue of Varyaa Creations has received 1.9 times subscription on its third day of bidding, with investors buying 25.63 lakh equity shares against IPO size of 13.4 lakh equity shares.
Retail investors bid 3.64 times the part set aside for them, while institutional and non-institutional investors picked 0.39 times the reserved portion.
The wholesale trader for gold, silver, precious stones intends to raise Rs 20.10 crore via public issue of 13.4 lakh equity shares at a price of Rs 150 per share.
Shivam Chemicals as well as Varyaa Creations are fixed price public issues.
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