Resourceful Auto SME IPO GMP today, subscription, price, size, allotment, listing, gains and more: Resourceful Auto SME IPO just managed to do something virtually impossible. Reportedly, it has ‘8 employees and 2 Yamaha showrooms’ and yet it persuaded investors to funnel over Rs 2500 crore into it. It has quite adroitly indicated that it is aptly named. What has raised eyebrows is the fact that the Resourceful Auto SME IPO was quite calm for 2 days and yet on the third day, subscriptions shot up to almost 420 times, despite the company’s weak fundamentals. Resourceful Auto SME IPO subscription’s last date was August 26. It opened on August 22. The company operates under the brand name Sawhney Automobile.
The entire saga was extraordinary and it did not take long for it to go viral on social media platform X with many people expressing incredulity at the performance of this IPO.
Resourceful Auto SME IPO GMP today
Resourceful Auto SME IPO GMP today is Rs 105, according to InvestorGain. Resourceful Auto SME IPO price band is Rs 117 (Upper) and its estimated listing price is likely to be Rs 222, as per this indicator. Resourceful Auto SME IPO listing gain is estimated at 89.74%. This is the unofficial, grey market premium.
Earlier too, Resourceful Auto SME IPO GMP was touching the sky as it was going at a premium of 70%.
Resourceful Auto SME IPO listing date and index
Resourceful Auto SME IPO listing date is expected to be August 29. It will be listing on the Bombay Stock Exchange’s SME platform.
Resourceful Auto SME IPO allotment date
Resourceful Auto SME IPO allotment status will likely be announced on August 27. Those investors who get the shares during the allotment process, should know that the official registrar to the issue is Cameo Corporate Services. The book-running lead manager is Swastika Investmart and the market maker is Nikunj Stock Brokers.
Resourceful Auto SME IPO size
Resourceful Auto SME IPO size is Rs 11.99 crore. The IPO is an entirely fresh issue of 10.25 lakh shares. These are being offered at Rs 117 per share. Notably, Resourceful Auto SME IPO garnered Rs 2700 crore in subscription, Upstox reports.
Who invested most in Resourceful Auto SME IPO?
Notably, indicating a strong speculative trend, retail investors flocked to the Resourceful Auto SME IPO. They submitted bids for 24.14 lakh shares against 4.86 lakh shares on offer in their quota. NIIs submitted bids for over 15 lakh shares against 4.86 lakh shares on offer to them. This led to an over 315 times oversubscription. QIBs placed bids for 1.25 lakh shares.
Resourceful Auto SME IPO fund use (Objectives)
Resourceful Auto SME IPO proceeds is expected to fund the expansion of its operations. This will include funding of two new showrooms in the Delhi-NCR region. Apart from that, it will go into debt repayment, and for providing working capital.
Resourceful Auto IPO gies viral. Check reactions:
Akshay Jogani @kshayjogani: “Resourceful Automobile SME IPO is crazy 2 Yamaha dealership showrooms, 8 employees. Asking ₹12 Cr, got ~₹2700 Cr in bids. Market cap ~₹31 Cr (at IPO price) on a net worth of ~₹1.5 Cr. Yet 227x subscribed, could hit 300x by day’s end. Is no one asking what the terminal value of 2 dealership showrooms and 8 employees is?”
Viral Nagda @I_am_Viraln: “Indian Markets Hit Fever Pitch as Resourceful Automobile’s IPO is Oversubscribed by 200x Despite Negative Cash Flow #Resourceful Automobile sought ₹12 Cr, received ₹2400 Cr. Operates 2 Yamaha two-wheeler showrooms under the brand Sawhney Automobile. Despite two years of negative cash flow, the grey market premium soars over 70%. Have you heard of the PP Waterball story…? #SME #IPO”
Mr. X @luysh04042020: “Avoiding #ResourcefulAutomobile IPO Operates 2 Showroom sells Yamaha two-wheelers under the brand name Sawhney Automobile Only has 8 employees Current GMP at 73% (looks fabricated) Lagta hai biwi ke kharcho ke liye hi ipo uthaya ja raha hai”
About Resourceful Auto
The Delhi-based Resourceful Automobiles sells and services Yamaha motorcycles and scooters. Resourceful Automobile has reported a negative cash flow of Rs 19.33 lakh from operations (period ending October 31, 2023).
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