EMS Ltd IPO subscribed over 75 times on final day of offer

The Initial Public Offering (IPO) of water and sewerage infra player EMS Ltd was subscribed 75.28 times on the final day of subscription on Tuesday, with heavy participation from institutional buyers. The share sale received bids for 81,21,02,970 shares against 1,07,87,431 shares on offer, according to NSE data.

The category for Qualified Institutional Buyers (QIBs) was subscribed 153.02 times while the portion for non-institutional investors received 82.32 times subscription. The quota for Retail Individual Investors (RIIs) got subscribed 29.79 times.

The IPO had a fresh issue of up to Rs 146.24 crore and the offer for sale of up to 82,94,118 equity shares. The price range for the offer was Rs 200-211 per share.

The company offers water and sewerage infra solutions, including laying the sewerage network to build treatment plants in Uttar Pradesh, Bihar, Uttarakhand and Rajasthan. EMS Ltd on Thursday said it has raised Rs 96.37 crore from anchor investors.

Proceeds from the fresh issue will be used to fund working capital requirements and for other general corporate purposes. Khambatta Securities was the manager to the offer. Shares of the company will be listed on the BSE and the NSE.

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