Emmforce Autotech IPO subscribed nearly 32 times on day 2: Check subscription status, price band, allotment and listing

The initial public offering (IPO) of automotive parts manufacturer Emmforce Autotech Limited saw an impressive demand on the second day of subscription on April 24. Emmforce Autotech Limited IPO was subscribed more than 43 times led by retail demand.

The public issue received bids for more than 17 crore shares compared to 39,33,600 shares on offer for the public investors, reflecting an overall subscription of 43.6 times until 2:35 pm on the second day of subscription on Wednesday, the BSE data showed.

The retail investors led the subscription with the highest subscription in the category. The retail portion was booked 67.61 times with biddings for more than 12.3 crore shares against 18.28 lakh shares on offer for the segment. The non-institutional investors’ (NIIs) category was booked 54.32 times as the investors applied for over 5.7 crore shares compared to 10.59 lakh shares on offer for them.

The qualified institutional buyers (QIBs) segment was also fully subscribed on the second day with biddings for over 26 lakh shares against 10.45 lakh shares reserved for the category.

The Emmforce Autotech Limited subscription is open from April 23 to April 25.

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The book-built issue of ₹53.9 crore consists entirely of a fresh issue of 55 lakh shares having a face value of ₹10 each.

Before the subscription phase, Emmforce Autotech raised ₹15.35 crore at a rate of ₹98 per share from anchor investors. Among the participating investors were NAV Capital VCC- NAC Capital Emerging Star fund, Persistent Growth Fund - Varsu India Growth Story Scheme 1, and Craft Emerging Market Fund PCC- Citadel Capital Fund.

Emmforce Autotech IPO price band and other details

The price band of the IPO has been fixed at ₹93-98 per share.

Investors are allowed to bid for a minimum of 1,200 shares and in multiples thereof. For retail investors, the minimum lot size is 1,200 shares, amounting to an investment of ₹1,17,600.

Beeline Capital Advisors Pvt Ltd is the book running lead manager, while Link Intime India Private Ltd has been appointed as the registrar for the issue. Spread X Securities is the market maker for the Emmforce Autotech IPO.

Emmforce Autotech IPO key dates

Following the closing of the subscription on April 25, the basis of allotment of shares for the IPO will be determined on Friday, April 26. The initiation of refunds and credit of shares to Demat accounts likely to be done on April 29. Subsequently, the listing date on the BSE SME is scheduled for April 30.

Emmforce Autotech IPO objective

Emmforce Autotech will use the net proceeds from the issue to meet multiple objectives. Primarily, funds will be directed towards supporting Emmforce Mobility Solutions Private Limited (EMSPL), the subsidiary company, through equity or debt investments to address working capital needs and provide margin money for term loans.

About Emmforce Autotech Limited

Emmforce Autotech Limited was incorporated in 2012. The company specialises in the manufacturing and export of drivetrain components tailored for niche vehicles. Their product line includes essential parts such as differential housings, locks, covers, 4WD locking hubs, spindles, axles, shafts, gear shifters, yokes, spools, tools, and various forged and cast differential components, primarily designed for 4WD and high-performance racing vehicles.

The company’s registered office is in Panchkula, Haryana, and its manufacturing unit and corporate office is located in Himachal Pradesh.

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