GEM Enviro Management Listing: Stock makes stellar market debut, lists with 90% premium at ₹142
GEM Enviro Management made a stellar market debut today, as its shares opened at ₹142.50 each on BSE SME, indicating a premium of 90% over the issue price of ₹75. The price continued to surge post the listing to hit the ₹149 mark, a 99% premium over the issue price.The SME IPO, valued at ₹44.93 crore, was open for subscription from June 19 to June 21, 2024, at a price between 71 and 75 per share.
It consisted of a combination of a fresh issue of 14.98 shares, aggregating to ₹11.23 crore, and an offer for sale of 44.93 lakh shares, aggregating to ₹33.70 crore.The company plans to use the net issue proceeds to meet working capital requirements and for general corporate purposes. The IPO received an exceptional response from all sections of investors, with a staggering subscription rate of 265 times.The retail investor portion saw a subscription of 240 times, while the non-institutional investors' quota was booked 462 times.
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