MV Electrosystems IPO fully subscribed within hours on Day 1; check price band, lot size and key dates

The initial public offering of MV Electrosystems Ltd was fully subscribed on the first day of bidding on Thursday, July 30.

It got bids for 40,71,568 shares as against 39,87,491 shares on offer, leading to 1.02 times subscription, according to the NSE data until 11:49 am.

The quota for non-institutional investors was subscribed 91%, while the retail investors portion was booked 4.25 times.

The initial share sale is solely a fresh issue of equity shares valued at ₹290 crore. There is no offer for sale (OFS) component.

The funds raised will be used for working capital requirements, investment in research design and development activities for new power electronic equipment and corporate general purposes.

"In addition, our company expects to receive the benefits of listing of equity shares on the stock exchanges, including enhancing our company's visibility and brand image among our existing and potential customers and creating a public market for our company's equity shares in India," the offer document outlined.

With a price band of ₹400 to ₹425 per share, a lot consists of 34 equity shares.

MV Electrosystems IPO: Allotment and listing date

Mumbai-based MV Electrosystems Ltd is involved in the design, development, assembly and manufacturing of electrical and power electronics equipment utilised in railway rolling stock.