Investors are showing remarkable interest in the EMS IPO, with the subscription rate soaring on the second day of bidding, September 11. A total of 16.21 crore shares were purchased, representing a staggering 15.03 times the initial issue size of 1.07 crore shares.
Retail investors and high net-worth individuals are particularly enthusiastic about the company, with subscription rates of 16.59 times and 29.71 times, respectively, in relation to their allocated quotas of 35 percent and 15 percent of the total issue size.
Qualified institutional buyers have also shown substantial interest, acquiring 67 percent of the reserved portion, which represents 50 percent of the IPO size.
The public issue of this sewerage solutions provider is valued at Rs 321.24 crore and was oversubscribed 3.71 times. It consists of a fresh issuance of shares worth Rs 146.24 crore and an offer-for-sale (OFS) of Rs 175 crore by promoter Ranveer Singh, at a price band of Rs 200-211 per share.
The Ghaziabad-based company, specializing in water and wastewater collection, treatment, and disposal services, had already garnered Rs 96.37 crore on September 7, a day prior to the issue opening, through a fully subscribed anchor book. Notable investors in the anchor book included Saint Capital Fund, Abakkus Diversified Alpha Fund, Morgan Stanley Asia (Singapore), and BofA Securities Europe SA - ODI.
Proceeds from the fresh issue will primarily be directed toward working capital requirements, amounting to Rs 101.24 crore, with the remaining funds allocated for general corporate purposes.
Investors have until September 12 to participate in this high-demand IPO.