MV Electrosystems debuts on BSE, NSE after 188.85x subscription
MV Electrosystems is set to make its stock market debut on the BSE and NSE today, August 6.
The buzz is real: its shares are trading at a ₹109 premium in the gray market, hinting at a possible 26% jump over the IPO price of ₹425.
The IPO, open from July 30 to August 3, was a hit with investors and was subscribed 188.85 times overall.
Noninstitutional investors subscribed 374.58x over quota
Noninstitutional investors were especially excited, subscribing 374.58 times over their quota. Retail investors weren't far behind, subscribed 205.42 times over their quota, while institutional buyers joined in too.
The company raised ₹290 crore through fresh shares and plans to use most of it for working capital and R&D, especially as it gears up for India's big railway upgrades like electrification and high-speed trains.
Founded in 2009, MV Electrosystems builds power electronics for railways and is hoping this listing will supercharge its growth.