The SME IPO of Emmforce Autotech will open for subscription on Wednesday and will close on April 25. The company aims to raise nearly Rs 54 crore through the SME IPO and list the shares on the BSE SME platform.
Markets regulator has recently announced changes to IPO listing rules, reducing the timeline from the T+6 days to T+3 days, where T is the IPO closing date.
The IPO is a combination of a fresh issue and an offer for sale (OFS). The fresh equity of 1.38 crore shares and OFS of 30.4 lakh shares. Under the OFS, promoter Vijay Ramanlal Sanghavi will offload 30.4 lakh shares.
The non-institutional category was subscribed the most at 42.23x, followed by retail investors at 23.08x. The demand from qualified institutional buyers gained momentum towards the later half of the day, with category subscription at 4.2x