Resourceful of eight, was seeking to raise a modest ₹12 crore. It received bids worth ₹4,800 crore. Most of the investors were retail/non-institutional. Moreover, this is not the only SME IPO that has received high levels of oversubscription in the recent past. An astounding 219,000 individuals, on average, have applied for every IPO thus far in FY25. In contrast, FY20 saw an average of 408 individual applications for each IPO, rising to only 511 in FY21. Apart from Resourceful Automobile, many IPOs like Hoac, Foods India, Medicamen Organics, Koura Fine Diamond Jewelry, and Maxposure have enjoyed retail oversubscription of over a thousand times.
This story is from the September 04, 2024 edition of Business Standard.
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This story is from the September 04, 2024 edition of Business Standard.
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