The Rs 13.53-crore offering saw a robust response, with investors subscribing to the issue more than 37 times.
Finelistings technologies shares modestly debuted on BSE SME at Rs 127, a slight premium of 3.25% above the offer price of Rs 123. However, the initial gains were not as per the grey market forecast where the shares were to open with more than 17 percent premium. Grey market is an informal trading platform where people deal on shares before official offer opens up and remains open even after listing day.
The IPO of Finelistings Technologies worth Rs.13.53 crore attracted great interest from investors resulting in subscription over 37 times the offer size. Retail investors took part in it so much that they oversubscribed by nearly thirty-nine times their allocation while non-institutional investors subscribed thirty times theirs.
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Finelistings Technologies was established in 2018 and has engaged in various areas such as selling used luxury cars and software development services. The company focuses on high-end used vehicles including sedans, SUVs, sports cars and convertibles.
The proceeds from the IPO involving an offer for sale of 11 lakh equity shares priced at Rs124 each will be employed for purchase of software, meeting working capital requirements and general corporate purposes.
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