Resourceful Automobile Limited IPO: Total Subscription Over 74 Times; Retail Portion Booked 105 Times

With a strong response to another small and medium enterprise (SME) issue on the first day of bidding, the buzz surrounding initial public offerings (IPOs) is growing.

The BSE SME issue of Resourceful Automobile Limited's initial public offering (IPO) was fully subscribed within hours of its launch on Thursday, August 22.

By 11.30 am on August 24, 2024, the IPO of Resourceful Automobile had been subscribed to almost 74.13 times, based on stock exchange data. Over 7.21 crore shares were bid on during the IPO, out of the 9.73 lakh shares that were offered.

During the company's initial public offering (IPO), bids for over 5.15 crore shares were made by retail investors, out of the 4.86 lakh shares reserved for this category. The retail portion was booked more than 105.93 times the total share offered.

Price band of IPO

The IPO of The Resourceful Automobile is a fixed-price offering with a Rs 11.99 crore target. 10.25 lakh shares are being issued entirely anew; there is no offer-for-sale (OFS) element.

The IPO price of the company's shares is Rs 117 per share. For an application, a minimum bid quantity, or lot size, of 1,200 shares is required. This adds up to Rs 1.4 lakh for retail investors and Rs 2.8 lakh for high-net-worth investors, who must require a minimum bid of 2 lots (2,400 shares) in order to participate.

Bidding dates

The Resourceful Automobile's initial public offering (IPO) will open for bidding on August 22 and close on August 26. On August 27, it is anticipated that the IPO allotment status will be finalised.

Shares awarded to winning bidders should be credited to their individual Demat accounts by August 28. The same day, unsuccessful bidders would begin receiving their refunds.

On August 29, the company's shares are scheduled to go public on the BSE SME platform.

Book-running lead manager

The IPO's book-running lead manager is Swastika Investmart Ltd, and the registrar is Cameo Corporate Services Ltd, both appointed by the company. Nikunj Stock Brokers is the IPO's market maker.