EMS Limited IPO Day 2: Issue subscribed 7.53 times so far

11 Sep 2023 , 11:58 AM

The Ghaziabad-based company EMS Ltd, specializing in sewerage and water solutions, initiated its initial public offering (IPO) on September 8, with the subscription period running until September 12. On the first day, the IPO received strong interest, with a subscription rate of 3.71 times by 5 PM, attracting bids for 4 crore equity shares against the total offer size of 1.07 crore shares. [You may use the hyperlink to subscribe to the IPO.]

On the second day, the subscription rate surged to 7.53 times. As of 11.48 am, retail investors submitted bids for 5,00,61,830 shares, which was 9.17 times their allocated quota of 54,62,142 shares. The non-institutional investors (NIIs) portion witnessed robust demand, with a subscription rate of 13.18 times. However, the portion designated for Qualified Institutional Buyers (QIBs) experienced limited interest, with a subscription rate of only 0.11 times.

EMS Ltd, known for its water and wastewater collection, treatment, and disposal services, aims to raise Rs 321.24 crore through this public issue. The offering comprises a fresh issue of shares valued at Rs 146.24 crore and an offer-for-sale of Rs 175 crore by promoter Ramveer Singh.

The company provides comprehensive solutions encompassing sewerage, water supply systems, water and waste treatment plants, as well as the operation and maintenance of wastewater and water supply scheme projects for government bodies.