MV Electrosystems IPO garnered 111.27 times subscription on final day
Business
MV Electrosystems's IPO drew a wild response: subscriptions hit 111.27 times the available shares as of 2.06pm on the final day of bidding.
Noninstitutional investors really went all in, subscribing 279.10 times, while retail buyers weren't far behind at 154.94 times.
Even big institutional players showed strong interest, with a subscription rate of 12.80 times.
Anchor investors ₹130.5cr, IPO size ₹290cr
Before the IPO launched, anchor investors grabbed shares at ₹425 each (the top price), bringing in ₹130.5 crore.
The whole IPO is a fresh share issue worth up to ₹290 crore, priced between ₹400 and ₹425 per share.
MV Electrosystems plans to use this money for expanding its business and other corporate goals, so keep an eye out for what's coming next.