Shree OSFM E-Mobility makes muted debut, lists at IPO price
₹65 apiece. However, the shares jumped to ₹68.25 apiece within minutes of hitting the secondary market, indicating a premium of 5% over the issue price. The ₹24.6 crore SME (small and medium enterprise) IPO was open for subscription between December 14 and December 18, at a price of 65 per share.
The issue is entirely a fresh issue of 37.84 lakh shares. Around 50% of the net offer is reserved for retail investors. Also Read: DOMS share price plunges 8% amid profit booking after a stellar debut The issue was overall subscribed to 7.69 times.
The issue received a healthy response from retail investors whose portion was subscribed to 9.30 times and a decent response from non-institutional buyers whose portion was subscribed to 6.82 times, according to data on Chittorgarh. The company proposes to utilise the net proceeds from the fresh issue towards funding the additional working capital requirements, the purchase of passenger vehicles, and general corporate purposes. Also Read: RBZ Jewellers IPO: What GMP, subsription status signal as bidding ends today Shree OSFM E-Mobility is engaged in providing employee transportation services to large MNCs with a presence across major cities in India.
It has over 16 years of experience in catering to the employee transportation needs of companies in IT/ITES, aviation, and other sectors. The company operates on a largely “asset-light" engagement model. Typical operating parameters are on a monthly lease, per kilometer, per passenger trip, and package model.
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