Sumex Engineering Telangana-based automotive IPO subscribed 151.74 times, sought ₹53.4cr
Business
Sumex Engineering, a Telangana-based manufacturer/trader of products for the automotive industry, just wrapped up its IPO, and the response was wild.
Investors rushed in, subscribing for shares 151.74 times more than what was on offer.
The company aimed to raise ₹53.4 crore by selling shares at ₹95 to ₹101 each.
Non-institutional bids 271.06 times their quota
Non-institutional investors were especially eager, bidding 271.06 times their quota, with retail and institutional buyers not far behind.
Shares are already trading at a 35% premium in the gray market, a strong sign of demand.
Allotment results drop Monday, August 31, and Sumex lists on NSE Emerge September 2.
Funds will help build new plants in Rajasthan and Haryana, and cover other business needs.