MV Electrosystems IPO subscription will close today after the issue received strong investor demand, with the offering subscribed over 70x times on the final day of bidding. The IPO was fully subscribed on Day 1, while non-institutional and retail investors continued to show strong interest.
Ahead of listing, MV Electrosystems IPO GMP indicated a potential listing gain of 27.06%. Based on the current GMP, the estimated listing price stands at around Rs 539 per share compared with the issue's upper price band of Rs 425.
Here's all you need to know about the MV Electrosystems IPO.
MV Electrosystems IPO Listing Gain Prediction
Based on the current GMP of Rs 115, MV Electrosystems shares are expected to list at around Rs 540, implying a potential gain of 27.06% over the upper price band of Rs 425. However, actual listing performance may vary depending on market conditions.
ALSO READ: IPO GMP Today: MV Electrosystems Vs Juniper Green Energy — Up To 27% Listing Gains Expected
MV Electrosystems IPO: Day 3 Subscription Status
The IPO has been subscribed 70.54x times as of 12:19 p.m. on Monday, with investors bidding for 28,12,74,418 shares against the 39,87,491 shares on offer
- QIB: 1.76 times
- NII: 177.69 times
- RII: 116.15 times
MV Electrosystems IPO: Issue Size, Price Band, Lot Size
The MV Electrosystems IPO is a book build issue of Rs 290 crore. It comprises a fresh issue of 68.23 lakh shares.
The price band for the IPO is set between Rs 400 and Rs 425 per share.
To participate in the IPO, retail investors need to bid for a single lot size of 34 shares, requiring an investment of Rs 14,450. Small Non-Institutional Investors (S-HNI) need to bid for 14 lots, amounting to an investment of Rs 2,02,300. Big Non-Institutional Investors (B-HNI) can participate in the IPO by bidding for a minimum of 70 lots. It will lead to an investment of Rs 10,11,500.
Sundae Capital Advisors Ltd. is the book running lead manager and KFin Technologies Ltd. is the registrar of the issue.
MV Electrosystems IPO: Key Dates
- Opens: July 30
- Closes: August 3
- Allotment: August 4
- Refunds: August 5
- Demat Credit: August 5
- Listing: August 6
Use Of Proceeds
The company will use proceeds from the IPO to fund long-term working capital requirements, invest in research, design, and development activities for new power electronic equipment, and for general corporate purposes.
About MV Electrosystems
MV Electrosystems is engaged in the design, development, assembly, and manufacturing of electrical and power electronics equipment used in railway rolling stock. The company supplies critical electrical systems used in railway locomotives and coaches.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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