Partner With Us NRI

EMS IPO ends with robust subscription

Published on Sep 13, 2023 11:14

The Qualified Institutional Buyers (QIBs) category was subscribed 153.02 times. The Non Institutional Investors (NIIs) category was subscribed 82.32 times. The Retail Individual Investors (RIIs) category was subscribed 29.79 times.

The initial public offer (IPO) of EMS received bids for 81,21,07,030 shares as against 1,07,87,431 shares on offer. The issue was subscribed 75.28 times.

The issue opened for bidding on 8 September 2023 and it closed on 12 September 2023. The price band of the IPO was fixed at Rs 200-211 per share.

The IPO comprised an issue of fresh equity shares aggregating up to Rs 146.24 crore, and an offer for sale of up to 82,94,118 equity shares. The entire offer for sale is by Ramveer Singh, the promoter shareholder. His post issue holding will reduce to 67.85%.

Of the net proceeds from the issue, the company proposes to utilize about Rs 101.24 crore will be used for funding the working capital requirement and balance for general corporate purposes.

EMS provides sewerage solution, water supply system, water and waste treatment plants, electrical transmission and distribution, road and allied works for government authorities /bodies. It also undertakes operation and maintenance of Wastewater Scheme Projects (WWSPs) and Water Supply Scheme Projects (WSSPs).

The company reported a consolidated net profit of Rs 107.51 crore and net sales of Rs 538.16 crore for the twelve months ended on 31 March 2023.

Powered by Capital Market - Live News