Emmforce Autotech IPO Oversubscribed 365 Times On Final Day
Emmforce Autotech IPO receives overwhelming response, subscribed 365 times on final day, attracting bids for 1,33,27,10,400 shares against 36,57,600 shares on offer.
Niche auto components manufacturer Emmforce Autotech on Thursday said its initial public offering received an overwhelming response from the investors as it was subscribed 365 times on the final day of bidding.
The Rs 53.90 crore initial share sale received bids for 1,33,27,10,400 shares against 36,57,600 shares on offer, the company said.
The category for Non-Institutional Investors fetched 862 times subscription, the quota for Retail Individual Investors subscribed 268 times and the Qualified Institutional Buyer portion fetched 161 times subscription, bringing the overall subscription to 365 times on the last day of bidding on Thursday.
The Initial Public Offer had a fresh issue of 54.99 lakh equity shares with a face value of Rs 10 each through the book-building route.
The IPO had a price range of Rs 93-98 a share.
On Monday, Emmforce AutoTech Ltd said it had raised Rs 15.34 crore from anchor investors.
The Panchkula-headquartered company manufactures a wide range of niche automotive drivetrain parts like differential housings, differential lockers, differential covers, 4WD locking hubs etc. The company operates a manufacturing plant at Baddi in Himachal Pradesh.
Beeline Capital Advisors Pvt Ltd is the sole book-running lead manager, and Link Intime India is the registrar for the issue.
The shares of the company will be listed on BSE SME.