EMS Limited IPO sails through on day 1 of the offer

8 Sep 2023 , 03:27 PM

The IPO of EMS Limited (EMSL), a leading sewerage solution provider, opened for subscription on September 8 and is set to conclude on September 12, marking a three-day bidding period. Prior to the IPO opening, EMS Limited successfully raised Rs 96.37 crore through its anchor book. Click here to subscribe the IPO.

In a remarkable display of investor confidence, the EMS Ltd IPO garnered full subscription within the first few hours of opening. The total number of bids received amounted to 2.67 crore equity shares, surpassing the offer size of 1.07 crore shares by 3.15 PM. This resulted in an impressive 2.47 times subscription rate, as reported by stock exchanges.

High net worth individuals and retail investors played a pivotal role in driving the subscription levels higher, with their bids reaching 3.52 times and 3.34 times, respectively, of their allotted quotas. These quotas represent 15% and 35% of the total offer size, demonstrating strong investor interest.

Qualified institutional buyers (QIBs), who possess a 50% reservation in the IPO, also showed their support by initiating bids during the first day, achieving a 0.06 times subscription rate. Notably, the anchor book, constituting 60% of the QIB component, was entirely subscribed on September 7, a day prior to the official IPO opening.

The price range for this subscription period, concluding on September 12, has been established at Rs 200-211 per share.