The maiden public issue of Emmforce Autotech, the niche automotive drivetrain parts manufacturer, saw a massive 20.21-times subscription on the first day of bidding, i.e. April 23.
All categories of investors participated in the issue on Tuesday, buying 7.94 crore equity shares against IPO size of 39.33 lakh shares, subscription data available with the BSE showed.
Retail investors bought 29.34 times the allotted quota, while non-institutional investors (high networth individuals) picked 23.37 times the reserved portion. The book of qualified institutional buyers was also full, bidding 1.03 times the part set aside for them.
Emmforce that manufactures differential lockers & spools, 4WD locking hubs, spindles, axles & shafts, yokes primarily for 4-wheel drive and performance racing vehicles, intends to raise Rs 53.90 crore through public issue of 54.99 lakh equity shares comprising only a fresh issue component.
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The company already raised Rs 15.34 crore from nine institutional investors via its anchor book launched for a day on April 22. BoFA Securities Europe SA, NAV Capital VCC, Persistent Growth Fund, Craft Emerging Market Fund and Negen Undiscovered Value Fund were amongst anchor investors in the company.
Emmforce will invest Rs 10 crore out of the net fresh issue proceeds in its subsidiary Emmforce Mobility Solutions for meeting the working capital requirement and margin money for term loan. Further, Rs 27 crore will be used for working capital requirements of the company and the remaining funds for general corporate purpose.
Faalcon Concepts, which deals in facade systems, closed its maiden public issue with 67.75 times subscription on April 23, the final day of bidding. Investors have bought 13.2 crore equity shares against IPO size of 19.5 lakh equity shares.
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Institutional and non-institutional investors picked 95.49 times the allotted quota, while retail investors bought 47.17 times the reserved portion.
The Haryana-based company aims to mobilise Rs 12.09 crore through the IPO of 19.5 lakh equity shares. The issue price for the fixed price IPO was Rs 62 per share.
The fresh issue money will be used for the purchase of facade structural equipments, working capital requirements, and general corporate purposes.
The Rs 20.18-crore public issue of Shivam Chemicals was subscribed 0.95 times on the first day of bidding on Tuesday as investors bought 43.77 lakh equity shares against offer size of 45.87 lakh shares.
The part set aside for retail investors was subscribed 1.29 times and that of non-institutional investors 0.72 times.
The hydrated lime (calcium hydroxide) producer will use fresh issue money for its working capital requirements, its subsidiary company Shivam Chemicals & Minerals, and general corporate purpose.
The fixed price issue will close on April 25, and the issue price has been fixed at Rs 44 per share.
The Varyaa Creations IPO was opened for second day bidding on Tuesday, getting 1.32 times subscription till now. Investors picked 17.75 lakh equity shares against issue size of 13.4 lakh shares.
The closing date for the fixed price issue will be April 25. The issue price has been fixed at Rs 150 per share.
The wholesale trader of gold, silver, and precious stones intends to raise Rs 20.10 crore through public issue of 13.4 lakh equity shares. This fresh issue money will be utilised for establishment of new showroom, purchase of inventory for new showroom; purchase of inventory; and general corporate purposes.
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