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The scrip was listed at Rs 186.20, a premium of 90% compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price. The counter hit a high of Rs 195.51 and a low of Rs 186.20. About 10.62 lakh shares of the company changed hands at the counter. Emmforce Autotech's IPO was subscribed 242.37 times. The issue opened for bidding on 23 April 2024 and it closed on 25 April 2024. The price band of the IPO was fixed between Rs 93 to Rs 98 per share. The IPO comprised fresh issue of 54,99,600 equity shares. The promoter and promoter group shareholding diluted to 73.17% from 100% pre-IPO. The company intends to utilize the net proceeds to investment in subsidiary company, Emmforce Mobility Solutions (EMSPL) in form of equity or debt for meeting the requirement of working capital and margin money for term loan of subsidiary company, to meet working capital requirement of the company and general corporate purposes. Ahead of the IPO, Emmforce Autotech on 22 April 2024, raised Rs 15.34 crore from anchor investors. The board allotted 15.66 lakh shares at Rs 98 per share to 9 anchor investors. Emmforce Autotech manufactures niche automotive drivetrain parts, including differential housings, lockers, covers, 4WD locking hubs, spindles, axles & shafts, gear shifters, yokes, differential spools, differential tools, and various differential forged/cast parts, primarily for 4-wheel drive and performance racing vehicles. It is a one-stop shop for quality, cost-competitive drivetrain parts. They provide out-of-the-box solutions to customers through designing and developing complex/special parts. As on 31 October 2023 the company has 128 employees. The company recorded revenue from operations of Rs 5.19 crore and net profit of Rs 0.43 crore for the period as on 31 October 2023. Powered by Capital Market - Live News |