Energy Mission Machineries IPO opens for subscription today (May 9) and will close on May 13. The shares of the company will be listed on NSE SME's platform Emerge and the price band of the issue has been fixed at ₹131-138. Through the IPO, the company aims to raise around ₹41 crore. The share allotment of Energy Mission Machineries IPO will be finalised on May 14 and the listing will likely take place on May 16.
Energy Mission Machineries IPO: The share allotment of Energy Mission Machineries IPO will be finalised on May 14 and the listing will likely take place on May 16.
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The issue is entirely a fresh issue of 29.82 lakh Equity shares of ₹10 face value. There is no Offer for Sale component and at the upper end, the company will fetch up to ₹41.15 crore from the issue.
Energy Mission Machineries IPO objectives
Net proceeds from the IPO will be used by the company to fund its expansion plans including civil construction work, a new plant and machines at the existing manufacturing unit at Sanand as well as meeting working capital requirements and general corporate purposes.
Shares of Energy Mission Machineries (India) Ltd are trading ₹110 higher in the grey market as compared with its issue price. This means that the grey market is expecting a listing gain from the public issue.
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