A company called Emmforce Autotech recently offered its shares to the public to buy.
This happened from April 23 to April 25. They set a price range of ₹93 to ₹98 for each share. A lot of people wanted to buy their shares
In fact, they wanted to buy them 364.37 times more than there were shares available! This means there was a lot of interest from different kinds of investors.
People bid for 133.29 crore shares, but the IPO only had 39.33 lakh shares available.
Who wanted to buy the shares the most?
The people who are not part of big organizations, called non-institutional investors, wanted the shares the most.
They wanted to buy 637.72 times more shares than they were given. Next were regular people, or retail investors, who wanted 267.62 times more shares than they were allowed to buy.
Big organizations, called qualified institutional investors, also wanted the shares a lot, bidding 160.58 times more than their share.
The IPO got a lot of interest from the very beginning, with people wanting to buy 20.21 times more shares on the first day and 69.25 times more on the second day.
In this IPO, people could only bid for a minimum of 1,200 shares at a time. The company was offering 54.99 lakh new shares for sale.
What’s happening in the gray market?
According to InvestorGain.com, Emmforce Autotech shares are being sold at a higher price in the gray market, about ₹120 more than the IPO price.
This means that when the shares officially start trading, they might be sold at around ₹218 per share, which is 122.45% higher than the original IPO price of ₹98.
