The IPO for Resourceful Automobile saw strong interest from investors on its first day. By early afternoon on August 22, the IPO had been oversubscribed more than 4 times. This means there were more bids than shares available.
By 12:30 pm, data from the BSE showed that bids for 45,14,400 shares had been placed, compared to the 10,24,800 shares available. The retail portion of the IPO was subscribed more than 8 times, with bids for 40,17,600 shares against 4,86,600 offered.
The IPO, which opened on August 22 and will close on August 26, is for ₹11.99 crore and consists of 10.25 lakh new shares priced at ₹117 each.
Shares are expected to be allocated on August 27, with listing on the BSE SME set for August 29. Cameo Corporate Services is handling the registrar duties, and Swastika Investment is the lead manager.
The company plans to use the funds to open new showrooms in Delhi/NCR, pay off debt, and cover working capital and other corporate expenses.
In the grey market, Resourceful Automobile shares are trading at a premium of ₹80. This suggests the shares might list at ₹197 each, which is 68.4% above the IPO price of ₹117.
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