EMS IPO subscribed 75.28 times, with strong demand from all investor categories

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The initial public offering (IPO) of EMS, a water and wastewater collection, treatment, and disposal services provider, was subscribed 75.28 times on September 12, the final day of bidding. The IPO received strong demand from all categories of investors, with the qualified institutional buyer (QIB) portion subscribed 153.02 times, the high networth individual (HNI) portion subscribed 82.32 times, and the retail investor portion subscribed 29.79 times.

The IPO comprises a fresh issue of shares worth Rs 146.24 crore, and an offer-for-sale (OFS) of 82.94 lakh equity shares worth Rs 175 crore by promoter Ramveer Singh. The company intends to use the net fresh issue proceeds for working capital requirements and general corporate purposes.

The basis of allotment of IPO shares will be finalized on September 15, and the equity shares will be credited to demat accounts of eligible investors by September 20. EMS will start trading on the BSE and NSE with effect from September 21.

In the grey market, EMS IPO shares were available at around 57 percent premium over the upper price band. The grey market is an unofficial platform where IPO shares can be bought and sold till the listing.

The strong subscription to the EMS IPO is a reflection of the investors’ bullishness on the company’s prospects. The company is well-positioned to benefit from the growing demand for water and wastewater treatment services in India.


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