Emmforce Autotech, a manufacturer of specialty drivetrain parts for high-performance vehicles, launched its IPO on Tuesday, April 23rd. Here’s a breakdown of the key information and current status:
IPO Details:
- Open Date: April 23rd, 2024 (Tuesday)
- Close Date: April 25th, 2024 (Thursday)
- Price Band: ₹93 – ₹98 per Share (Face Value: ₹10)
- Minimum Lot Size: 1,200 Shares
- Issue Size: ₹53.90 Crore (Fresh Issue Only)
- Book Running Lead Manager: Beeline Capital Advisors Pvt Ltd
- Registrar: Link Intime India Private Ltd
- Market Maker: Spread X Securities
IPO Allocation:
- Qualified Institutional Buyers (QIBs): Minimum 50%
- Retail Investors: Minimum 35%
- Non-Institutional Investors (NII): Minimum 15%
IPO Performance (as of April 24th, Day 2):
- Overall Subscription: 44.44 times
- Retail Investor Portion: Subscribed 59.63 times
- NII Portion: Subscribed 66.23 times
- QIB Portion: Subscribed 1.52 times
IPO Funds Utilization:
- Funding for subsidiary Emmforce Mobility Solutions Private Limited (EMSPL)
- Meeting working capital requirements
- General corporate purposes
Grey Market Premium (GMP):
- ₹110 (as of April 24th)
Expected Listing Price:
- ₹208 per share (based on IPO high price and current GMP)
Analysis:
Emmforce Autotech’s IPO is witnessing significant investor interest, particularly from retail and non-institutional investors. The overall subscription has crossed 44 times on Day 2, with strong demand in the retail and NII segments. This indicates positive investor sentiment towards the company’s growth prospects.
Grey Market Premium (GMP):
The GMP is a grey market indicator of investor sentiment. A positive GMP suggests investors are willing to pay more than the IPO price in the hope of earning profits upon listing. Emmforce Autotech’s current GMP of ₹110 implies potential listing at ₹208 per share, a significant premium over the IPO price.
Important Note:
The GMP is unofficial and shouldn’t be solely relied upon for investment decisions. Consider a comprehensive analysis of the company’s financials, future prospects, and market conditions before investing.
