MV Electrosystems IPO raised ₹290cr, shares seen 25% higher
Business
MV Electrosystems is making its stock market debut today, and the excitement is real: shares are expected to open about 25% higher than the issue price, according to gray market trends.
The company priced its IPO at ₹400 to 425 per share and raised ₹290 crore.
IPO oversubscribed more than 200 times
This IPO was a hot ticket: it was oversubscribed more than 200 times, with retail investors alone bidding over 200 times their allotted shares. Non-institutional and institutional buyers also showed big interest.
MV Electrosystems makes electrical systems for trains and plans to use the funds for expanding its business.
Before the IPO, they had already secured ₹130.5 crore from anchor investors.