Emmforce Autotech share price lists with massive 90% premium at ₹186.20 on the BSE SME

In what has amounted to a stellar listing, Emmforce Autotech share price shot up and grabbed a 90% premium, much to the delight of all its investors. The share price listed ₹186.20 today.

Emmforce Autotech share price listed on the BSE SME at ₹186.20 today.

By the final day of subscription, the Emmforce Autotech IPO had garnered an impressive response, with a subscription rate exceeding 197 times. The retail segment saw a great subscription rate too, surpassing 191 times. Additionally, indications from the grey market premium (GMP) had suggested a robust opening and potential listing gains for investors in the Emmforce Autotech IPO.

HT launches Crick-it, a one stop destination to catch Cricket, anytime, anywhere. Explore now!

Read More: Mahindra & Mahindra share price hits 52-week high. Here's why

As per investorgain.com, the grey market premium (GMP) for Emmforce Autotech IPO was +130, indicating that Emmforce Autotech shares were trading at a premium of ₹130 in the grey market. Moreover, it was also indicated that the anticipated listing price for Emmforce Autotech shares was ₹228, reflecting a 132.65% increase over the IPO price of ₹98. This calculation was based on the upper end of the IPO pricing range and the current premium in the grey market, LiveMint reported. In effect, from all these stats, it was estimated that there would be a very positive stock market debut for the stock.

The subscription period for the Emmforce Autotech IPO commenced on Tuesday, April 23, 2024, and concluded on Thursday, April 25, 2024. The price range for the IPO was set at ₹93 to ₹98 per share.

Read More: OpenAI opens ChatGPT's Memory feature to more users: What is it and how it works

Through its IPO, Emmforce Autotech had planned to raise around ₹53.90 crore through a fresh issue of 5,499,600 equity shares with a face value of ₹10. Notably, an offer-for-sale component was missing.

Read More: Tesla layoffs: ‘Frustrated’ Elon Musk sacks senior executives in fresh job cuts

The company plans to utilize the net proceeds from the issue to fulfill its commitment to a subsidiary, such as Emmforce Mobility Solutions Private Limited (EMSPL), through loans or share investments. This will support the subsidiary's operational capital and margin needs. Additionally, the funds will be allocated towards meeting the working capital requirements of the business and achieving other corporate objectives.

Discover the pivotal moments that shaped India's electoral journey on the Eras section of our exclusive Elections product. Access all content absolutely free on the HT App. Download now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs

• ABOUT THE AUTHOR

  

  Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.