MV Electrosystems IPO sees retail portion oversubscribed nearly 13 times
Business
MV Electrosystems just launched its IPO, and it's getting a ton of attention, especially from retail investors, who oversubscribed their portion by nearly 13 times.
On day one, the overall demand was strong, with bids coming in for almost four times the available shares.
If you're curious, you can still bid until August 3.
IPO values company up to ₹1,159cr
This ₹290 crore IPO is all about fresh shares, no old ones being sold off. The upper price band is ₹425 per share, valuing the company at up to ₹1,159 crore.
The gray market suggests these shares could list at around ₹545 (about 28% higher than the top issue price).
Allotment happens August 4, and you'll see them on BSE and NSE on August 6.
MV Electrosystems makes rolling stock electronics
The company makes electrical and power electronics equipment for railway rolling stock.