Vadodara-based Maxwell Engineering Solutions SME IPO subscribed 536.80 times
Business
Maxwell Engineering Solutions, a Vadodara-based company, just pulled off one of the most talked-about IPOs this year.
Their SME IPO was subscribed 536.80 times, meaning investors tried to grab 128.91 crore shares when only 24.01 lakh were available.
In total, bids crossed ₹20,368.89 crore.
Non-institutional investors oversubscribed 857.65 times
Most of the excitement came from non-institutional investors who went after their share allocation 857.65 times over.
Maxwell plans to use the funds for new machinery and facility upgrades as it continues expanding globally; the company already has a presence in the US and Germany.
Shares were priced between ₹150 and ₹158 and will debut on NSE's SME platform on November 6.