MV Electrosystems IPO closed with overwhelming investor demand, ending the bidding process with an overall subscription of 188.85 times. Ahead of the August 6 listing, the latest grey market premium (GMP) signals a potential listing gain of about 21%, although the premium has cooled from around 27% seen earlier during the subscription period.
Investors will now watch the basis of allotment on Aug. 4, followed by the credit of shares into demat accounts on Aug. 5. MV Electrosystems is scheduled to debut on the stock exchanges on Aug. 6.
MV Electrosystems IPO Listing Gain Prediction
Based on the current GMP of Rs 90, MV Electrosystems shares are expected to list at around Rs 515, implying a potential gain of 21.18% 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 was subscribed 188.85 times on Monday. Investors placed bids for 75.30 crore shares against the 39.87 lakh shares on offer.
- QIB: 90.47 times
- NII: 374.58 times
- RII: 205.42 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 was set between Rs 400 and Rs 425 per share.
To participate in the IPO, retail investors needed to bid for a single lot size of 34 shares, requiring an investment of Rs 14,450. Small Non-Institutional Investors (S-HNI) needed to bid for 14 lots, amounting to an investment of Rs 2,02,300. Big Non-Institutional Investors (B-HNI) could participate in the IPO by bidding for a minimum of 70 lots. It will requiring a minimum 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
- Opened: July 30
- Closed: 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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