Resourceful Automobile's Rs 12 cr IPO oversubscribed by 419 times

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Resourceful Automobile's Rs 12 cr IPO oversubscribed by 419 times - Business Standard

Quick Summary:

The recent Rs 12 crore initial public offering of Resourceful Automobile, a Delhi-based company with just two outlets and a workforce of eight, has taken the market by storm with the issue receiving bids worth close to Rs 4,800 crore.

The company's IPO, which was open for subscription from August 22 to 26, saw an overwhelming response, with bids for 40.76 crore shares against the 9.76 lakh shares on offer translating into a subscription of 419 times on the third day of the bidding process, data showed.

Founded in 2018, Resourceful Automobile operates under the brand name Sawhney Automobile, dealing in Yamaha two-wheelers.