Highness Microelectronics IPO: Issue oversubscribed 8.13 times
Business
Highness Microelectronics's IPO is getting a lot of attention: it was oversubscribed 8.13 times by the end of day two.
The company is looking to raise ₹21.67 crore by offering shares in the ₹114-₹120 price range.
Retail investors really showed up
Retail investors really showed up, oversubscribing their shares by over 12 times, while non-institutional investors weren't far behind at nearly nine times.
In contrast, big institutional buyers barely participated, subscribing to just 4% of their quota.
Before the IPO opened, Highness Microelectronics had already raised ₹6.13 crore from anchor investors on March 23.
The funds will help with working capital and general business needs, and there's still time to apply (the offer closes March 27).