HGS India IPO oversubscribed 219x, sought ₹34.56 cr at ₹120
HGS India's IPO was on its final day of bidding with an eye-popping 219x oversubscription.
The company set out to raise ₹34.56 crore by offering shares at ₹120 each, but demand went through the roof, especially from non-institutional investors, who subscribed 416.7 times.
Retail and qualified institutional buyers were also keen, with subscriptions of 218.6 times and 128.3 times.
HGS India proceeds for Manesar upgrades
The excitement spilled over into the gray market too, where shares traded at a solid 20% premium before listing, showing strong investor confidence.
HGS plans to use the net fresh issue proceeds for replacement of plant and machinery at the existing manufacturing facility at Manesar, setting up an in-house gold plating facility, infrastructural development, and the remainder for unidentified acquisitions and general corporate purpose.
Share allotment wraps up soon, and HGS India is set to debut on NSE Emerge on November 6.