EMS IPO: Issue subscribed 75.28 times on the final day

12 Sep 2023 , 11:04 PM

The EMS IPO has garnered significant attention from investors, displaying remarkable oversubscription, with investors purchasing 81.21 crore equity shares against the offering size of 1.07 crore shares on September 12. This impressive demand has led to a subscription rate of 75.28 times the initial offering.

Qualified institutional buyers (QIBs) have demonstrated exceptional interest, subscribing 153.02 times their allocated quota, which constitutes 50% of the total offer size. High net worth individuals (HNIs) have also shown keen interest, with their portion, accounting for 15% of the IPO size, being subscribed 82.32 times.

Retail investors have joined the bullish sentiment, with bids reaching 29.79 times the reserved portion, representing 35% of the issue size.

Previously, the EMS IPO had already exhibited robust subscription, with a 15.03 times oversubscription by the end of the second day of bidding on September 11.

EMS, a provider of water and wastewater collection, treatment, and disposal services, intends to raise Rs 321.24 crore through its public issue, which opened on September 8. The price band for the offering is set at Rs 200-211 per share.

The company, headquartered in Ghaziabad, plans to allocate the net proceeds from the fresh issue towards working capital requirements amounting to Rs 101.24 crore, with the remainder designated for general corporate purposes.

The basis of IPO share allotment will be finalized in coordination with NSE on September 15, and eligible investors can anticipate the crediting of equity shares to their demat accounts by September 20. Refunds for unsuccessful investors will be processed, or funds will be unblocked from ASBA (amount in the specified bank account) by September 18.

EMS shares are slated to commence trading on the BSE and NSE from September 21, in accordance with the IPO schedule.