MV Electrosystems shares list at over 22% premium on NSE; here's how much investors made per lot

This reflects a premium of 22.35% over the initial public offering (IPO) issue price of ₹425 apiece.

On the BSE, it started trading at ₹519, up 22.12% from the issue price.

MV Electrosystems share price: Here's how much investors made per lot

The initial share sale was subscribed a massive 188.85 times, with bids for 75,30,51,278 shares against 39,87,491 shares on offer, according to the NSE data.

The IPO consisted only of new equity shares worth ₹290 crore, with no offer-for-sale (OFS) component.

The objectives of the issue include long-term working capital needs, investing in research design and development activities for new power electronic equipment and corporate general purposes.

"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," MV Electrosystems said in its red herring prospectus (RHP).

Before the IPO, the company had collected ₹130.5 crore from anchor investors, including Kotak Mutual Fund, Founders Collective Fund, Subhkam Ventures, 360 ONE Prime, Ashika Global Finance, Shine Star Build Cap, Tattvam Aanjay Ageless AIF, Meru Investment Fund, Finavenue Growth Fund and VentureX Fund.

MV Electrosystems is involved in designing, developing, assembling and manufacturing electrical & power electronics equipment used in railway rolling stock.