Emmforce Autotech, a company specializing in automotive components, has initiated its IPO from today, April 23. This IPO is a small and medium enterprise (SME) IPO, aiming to raise ₹53.90 crores.
The face value of Emmforce Autotech Limited shares is ₹10 per share. It’s noteworthy that this IPO is receiving excellent response with an attractive premium on the grey market even before its opening. Investor interest is growing.
Here’s when you can invest and how much a share costs
The Emmforce Autotech IPO opened on April 23, 2024, and investors have the opportunity to invest until April 25, 2024. The company is offering 5,499,600 fresh shares. The price band for shares is set at ₹93 to ₹95 per share.
Listing details
It is expected that the allotment of Emmforce Autotech Limited shares will take place on April 26, 2024, with refunds for unsuccessful investors following on April 29, 2024. Shares will be transferred to demat accounts on April 29, 2024, with listing expected on April 30, 2024. The company has allocated 1,200 shares per lot, allowing retail investors to bid for ₹1,17,600 in one go.
Institutional buyers have a 50% allocation, while retail investors have 35%, and non-institutional buyers have 15%. The shares of Emmforce Autotech Limited are showing a strong premium on the grey market. According to investorgain.com’s report, shares of the company are being traded at ₹100, reflecting a premium of 102.04%. With such indicators, if the same situation persists on the listing day, the valuation of the shares could reach ₹198.