The exuberance is real! This SME IPO – Resourceful Automobile received bids worth Rs 4,768.88 crore for a fixed price issue of Rs 12 crore. The issue was subscribed approximately 400 times between August 22-26.
Resourceful Automobile sells Yamaha two-wheelers under the name “Sawhney Automobile”. It runs two automobile showrooms based in New Delhi and has only 8 permanent employees on its payroll.
The issue is commanding a grey market premium of almost 90% to the issue price of Rs 117 apiece.
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