Resourceful Automobile IPO Subscribed More Than 400 Times On Day 3
Resourceful Automobile launched its Initial Public Offering on Thursday and has received a tremendous response from investors. Check Day 3 subscription details.
The intial public offering (IPO) of Resourceful Automobile operating under the brand name "Sawhney Automobile" has been subscribed 418.27 times on day 3 so far.
Resourceful Automobile Limited launched its Initial Public Offering on Thursday and will remain available for subscription until August 26. The IPO is a fixed price issue totalling Rs. 11.99 crore, comprising a fresh issue of 10.25 lakh shares. The shares are priced at Rs. 117 each.
The SME IPO was subscribed 10.35 times on Day 1 and 74.13 times on Day 2.
Resourceful Automobile IPO Day 3 Subscription Status
The IPO has been subscribed 418.82 times at 06:19 p.m. on Monday.
Non-institutional Buyers: 315.61 times
Retail Investors: 496.22 times.
Also Read: How Resourceful Automobile Became A Viral SME IPO
About Resourceful Automobile IPO
The minimum application lot size for the SME IPO is 1,200 shares, requiring a minimum investment of Rs. 140,400 for retail investors. High Net-Worth Individuals need to apply for a minimum of 2 lots, which amounts to 2,400 shares and a total investment of Rs. 280,800.
Swastika Investmart Ltd. is the book-running lead manager, while Cameo Corporate Services Limited serves as the registrar. Nikunj Stock Brokers will act as the market maker for the SME IPO.
As per the company's red herring prospects, of the 1,024,800 shares offered - 47.48% has been reserved for NIIs and 47.48% for Retail investors and the remaining 5.04% shares have been reserved as the market maker portion.
The allotment of Resourceful Automobile IPO is expected to be finalised on August 27, with the tentative listing date set for August 29 on the BSE SME platform.
About Resourceful Automobile Ltd.
Resourceful Automobile Ltd., established in 2018, operates under the brand name "Sawhney Automobile". The company specialises in selling Yamaha two-wheelers, including commuter bikes, sports bikes, cruisers, and scooters. Resourceful Automobile Ltd. runs two conceptual showrooms in New Delhi—one in Dwarka, known as the Blue Square showroom, and another on Palam Road. These showrooms feature a range of Yamaha products and accessories, catering to various customer preferences.
Resourceful Automobile IPO: Use of Funds and Objectives
The proceeds from the Resourceful Automobile IPO will be allocated towards several key objectives including expanding the company's operations by opening new showrooms in the Delhi/NCR region and also repaying existing debt. The funds will also be sued for meeting incremental working capital requirements. They will also be used for covering general corporate purposes and public issue expenses.
