SME IPO: Electro Force sees strong buying interest after premium listing
NSE SME platform with a mild premium of 7.5% on Wednesday. Post the listing, there was heavy buying interest with the shares locked in a 5% upper circuit at Rs 105.
The issue was priced at Rs 93 per share with a face value of Rs 10 each.
The IPO was completely a fresh equity issue of 86.74 lakh shares and the company raised Rs 81 crore through the public offer.
It was booked 4.28 times at close, driven by a 6.44x subscription by retail investors and a 2.12x subscription by other investors.
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Electro Force designs and manufactures electrical components, metal contact parts, and supplies these products to the industry players via a business-to-business (B2B) model.
