Resourceful Automobile Shares Surge 2.85% On Day 2 After Flat IPO Debut

The shares of Resourceful Automobile, which created a buzz in the market with its recent public issue, made their market debut on Thursday, August 28.

On the second day of trading, Friday (August 29), the shares of the company opened at Rs 122.00. As of 1:23 PM IST, Resourceful Automobile shares were trading at Rs 126.35 on the BSE SME, marking a 2.85 per cent increase.

During intraday trading, the stock reached a high of Rs 128.00 and dipped to a low of Rs 116.75. Moreover, the second day of the company's share trading saw a more active market response in comparison to its flat debut on August 28.

Despite gaining remarkable attention on social media platforms, the company's shares had a flat debut, listing at Rs 117 apiece on the BSE SME on August 28.

Resourceful Automobile IPO

The Resourceful Automobile Limited, operating under the name Sawhney Automobiles, ran its public issue from August 22 to August 26, 2024. This BSE SME IPO has also created a wave in the financial world.

The company with 2 Yamaha showrooms in New Delhi and 8 employees saw its issue oversubscribed by a staggering 418 times on the final day of bidding.

On its first day, the subscription rate was 10.35 times the offered shares. By the second day, this figure had skyrocketed to 74.13 times.

And on the final day of the subscription period, bids worth a remarkable Rs 4,800 crore had been received.

About the company

The company was founded in 2018 and runs two Yamaha showrooms in New Delhi - one located in Dwarka and the other on Palam Road.