Shree OSFM E-Mobility IPO Receives Lukewarm Investor Response

Shree OSFM E-Mobility IPO Receives Lukewarm Investor Response

VoM News Desk | December 14, 2023 | 11:50 AM IST | Breaking News | Follow on Google News

Shree OSFM E-Mobility IPO Receives Lukewarm Investor Response Image/Mint

Shree OSFM E-Mobility IPO Receives Lukewarm Investor Response

Shree OSFM E-Mobility’s Initial Public Offering (IPO) encountered a tepid response from investors, garnering a subscription of only 10 percent in the first hour of bidding. With bids for 3.72 lakh shares against 38.84 lakh shares on offer, the IPO faced subdued enthusiasm from both retail and non-institutional investors.

Retail investor participation stood at 17 percent, while non-institutional investors contributed only 4 percent to the bids.

In the grey market, the company’s shares are trading at 0, showing no premium compared to the IPO price at the listing. This marks a decrease from ₹2 observed in the previous session. However, the grey market premium serves as a tentative indicator and can fluctuate rapidly.

The ₹24.6 crore SME IPO commenced on December 14 and will conclude on December 18, offering shares at a price band of ₹65 per share. The IPO mandates a minimum lot size of 2000 shares, requiring retail investors to invest a minimum of ₹1,30,000, while High Net Worth Individuals (HNIs) are expected to invest in 2 lots (4,000 shares), totaling ₹2,60,000.

Ramnath Chandar Patil and Nitin Bhagirath Shanbhag are the promoters of Shree OSFM E-Mobility. Approximately 50 percent of the net offer is reserved for retail investors. The book-running lead manager for the IPO is First Overseas Capital Limited, and Bigshare Services Pvt Ltd acts as the registrar, while Bhh Securities serves as the market maker.

Anticipated allotment for the IPO is scheduled for Tuesday, December 19, 2023, with a tentative listing date set for Thursday, December 21, 2023, on NSE SME.

Shree OSFM E-Mobility Limited, established in 2006, specializes in offering employee transportation services to major multinational corporations across several key Indian cities, including Mumbai, Navi Mumbai, Pune, Bengaluru, and Kolkata. The company boasts an extensive clientele, including JP Morgan, Morgan Stanley, Capgemini, Accenture, among others.

Shree OSFM E-Mobility IPO Receives Lukewarm Investor Response: In case of rectification of any error in this Article, Visit on Correction Policy or Register your Query

CLICK

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.