EMS IPO subscribed 3.71 times

Published on Sep 08, 2023 17:09

The initial public offer (IPO) of EMS received bids for 4,00,47,140 shares as against 1,07,87,431 shares on offer, according to stock exchange data at 17:03 IST on Friday (8 September 2023). The issue was subscribed 3.71 times.

The issue opened for bidding on Friday (8 September 2023) and it will close on Tuesday (12 September 2023). The price band of the IPO is fixed at Rs 200-211 per share. An investor can bid for a minimum of 70 equity shares and in multiples thereof.

The IPO comprises 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.