Maxwell Engineering Solutions IPO oversubscribed 491.38x on underwater pelletizing demand
Business
Maxwell Engineering Solutions's IPO just smashed expectations, getting oversubscribed by an incredible 491.38 times.
Investors rushed to grab shares, bidding for ₹20,372 crore when 128.93 crore shares were bid for, showing serious excitement around the company's underwater pelletizing technology.
Non institutional investors oversubscribe ₹57.64cr
Most of the buzz came from non-institutional investors, who oversubscribed their chunk by a huge margin.
The money raised (₹57.64 crore) will help Maxwell boost its manufacturing, pay off debt, and fund day-to-day operations.
The stock lists on NSE Emerge on November 6, marking a big step forward for the company and a clear vote of confidence from investors.