HGS India to list Friday on NSE-Emerge ₹40 gray-market premium
Business
HGS India, which makes geophones and seismic cables, is all set to list its shares on the NSE Emerge platform this Friday, November 6.
The buzz is strong: shares are trading at a ₹40 premium in the gray market, hinting at a possible listing price of ₹160 per share (that's around 33.33% up from the IPO price of ₹120).
IPO raised ₹34.56cr, subscribed 425.02 times
The IPO ran from October 30 to November 3 and saw massive demand: it was subscribed 425.02 times by non-institutional investors, raising ₹34.56 crore in total.
HGS plans to use the funds mainly to upgrade its Manesar factory and build an in-house gold plating unit, along with unidentified acquisitions and general corporate purposes down the line.