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27th August 2024, 18:29
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Delhi motorcycle trader gets Rs 4,800 crore bids for Rs 12 crore IPO
Resourceful Automobile, a Delhi-based 2-wheeler dealership, has received bids worthy astir Rs 4,800 crore for its Initial Public Offering (IPO). The Rs 12 crore IPO has been oversubscribed astir 400 times.
The precocious subscription figures for a Small & Medium Enterprises (SME) IPO person baffled investors. This was contempt the institution reporting a antagonistic currency travel of Rs 19.33 lakh for the play ending October 31, 2023.
Resourceful Automobile offered 10.2 lakh shares astatine a fixed terms of Rs 117. The contented opened connected August 22 and closed connected August 26. According to reports, retail investors were the astir active, with aggregate request astatine 24.1 crore shares, portion the full request for precocious net-worth investors was astir 150 times the full connection size.
As per reports, merchant banker Swastika Investmart had marketed the IPO similar immoderate different 1 that would beryllium subscribed by “5-10-20” times. However, the precocious subscription numbers were beyond anyone’s expectations.
The institution plans to usage proceeds from the IPO to grow its operations and repay its debt. It presently operates 2 Yamaha showrooms successful Delhi with a tiny workforce of conscionable 8 employees.
Source: TOI
Last edited by TusharK : 27th August 2024 astatine 18:36.
