Emmforce Autotech IPO: Issue oversubscribed on day 1 on strong investor interest; check GMP, subscription status, more

The IPO has allocated a minimum of 50% of the net issue to Qualified Institutional Buyers (QIBs), 35% of the net issue to retail individual bids, and 15% of the net issue to non-institutional bidders.

With the sale of 15.66 lakh equity shares at a price of ₹98 apiece, Emmforce Autotech IPO raised ₹15.34 crore from its  anchor investors. 

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Also Read: Emmforce Autotech IPO: Price band, issue size, key dates, other details to know

Astorne Capital VCC ARVEN, NAV Capital VCC – NAV Capital Emerging Star Fund, NEGEN Undiscovered Value Fund, Persistent Growth Fund – Varsu India Growth Story Scheme -1, Moneywise Financial Services Private Limited, LC Radiance Fund VCC, Craft Emerging Market Fund PCC – Citadel Capital Fund, and Galaxy Noble Global Opportunities Fund PCC – GNGOF 1 were among the marquee investors who subscribed to the anchor book.

The Red Herring Prospectus (RHP) states that the company’s primary line of business is the production of specialist automobile drivetrain parts, mostly for 4WD and high-performance racing cars. A variety of differential forged and cast parts are among these parts, along with differential housings, differential locks, differential covers, 4WD locking hubs, spindles, axles & shafts, gear shifters, yoke, differential spools, and differential tools.

Emmforce Autotech IPO subscription status

Emmforce Autotech IPO subscription status is 19.82 times on day 1, so far.

The retail portion has been subscribed 26.86 times, and NII portion has been booked 28.53 times on day 1. Qualified Institutions Buyers (QIBs) were booked 99%. 

The company has received bids for 7,25,10,000 shares against 36,57,600 shares on offer, at 16:23 IST, according to data on chittorgarh.com.

Also Read: JNK India IPO: Issue booked 43% on day 1 so far; retail portion subscribed 40%. Check latest GMP

Emmforce Autotech IPO details

Emmforce Autotech IPO, which is worth about ₹53.90 crore, consists of a fresh issue of 5,499,600 equity shares with a face value of ₹10. There is no offer-for-sale component.

The following goals are what the firm plans to do with the net proceeds from the issue: a financial commitment made in the form of loan or stock to a subsidiary company, such as Emmforce Mobility Solutions Private Limited (EMSPL), in order to satisfy the operating capital and margin needs of that business.in order to meet the company’s working capital needs. Corporate Objectives in General.

Beeline Capital Advisors Pvt Ltd is the book running lead manager and Link Intime India Private Ltd is the registrar for the Emmforce Autotech IPO. Market maker for Emmforce Autotech’s IPO is Spread X Securities.

Also Read: Awfis, TBO Tek get SEBI nod for IPOs; companies plan to raise ₹160 crore and ₹400 crore, respectively

Emmforce Autotech IPO GMP today

Emmforce Autotech IPO GMP or grey market premium is +100. This indicates Emmforce Autotech share price were trading at a premium of ₹100 in the grey market, according to investorgain.com.

Based on the upper end of the IPO pricing range and the current premium on the grey market, the anticipated listing price for Emmforce Autotech shares is ₹198 per share, 102.04% more than the IPO price of ₹98.

Grey market activity over the previous 13 sessions indicates that the IPO GMP is pointing higher and anticipates a solid listing today. Analysts at investorgain.com estimate that the lowest GMP is ₹0 and the maximum GMP is ₹100.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Also Read: Upcoming IPOs: JNK India, Varyaa Creations and two other SME public issues scheduled for this week

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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Published: 23 Apr 2024, 04:33 PM IST