BMW Ventures IPO subscribed 1.5 times
BMW Ventures, a steel manufacturing and distribution company, wrapped up its IPO with an overall subscription of 1.5 times between September 24-26, 2024.
Big institutional investors led the way, subscribing over three times their quota, while non-institutional and retail investors followed closely behind.
Company overview
Since 1994, BMW Ventures has been making everything from TMT bars and wire rods to PVC pipes and pre-engineered buildings.
The company is an RDSO approved manufacturer of steel girders for Indian Railways and works with a network of 1,299 dealers across Bihar.
They plan to use the IPO funds for repayment and prepayment of borrowings and general corporate purposes.
GMP, allotment, refund, and listing dates
Shares were priced at ₹94-99 each (minimum lot: 151 shares).
Allotment results will be out on September 29, refunds by September 30, and the stock lists on October 1, 2024.
The current gray market premium hints at a possible debut around ₹101 per share.