Resourceful Automobiles IPO: Company With 8 Employees & Public Issue Of ₹12 Crore Receives Bids Over 400x Times

On the last day of bidding on Monday, August 26, the Resourceful Automobile IPO ended subscriptions on a high note, getting booked 419.87 times. A total of 40.76 crore shares were bid for by investors, out of the 9.73 lakh shares that were offered.

Investor response to Resourceful Automobile Ltd., which runs just two conceptual Yamaha showrooms in New Delhi, was overwhelmingly positive. At the conclusion of the subscription period, the company received bids for shares valued at Rs 2,700 crore.

Last-day subscription

On the last day of bidding on Monday, August 26, the Resourceful Automobile IPO ended subscriptions on a high note, getting booked 419.87 times. A total of 40.76 crore shares were bid for by investors, out of the 9.73 lakh shares that were offered.

Investor response to Resourceful Automobile Ltd., which runs just two conceptual Yamaha showrooms in New Delhi, was overwhelmingly positive. At the conclusion of the subscription period, the company received bids for shares valued at Rs 2,700 crore.

Total subscriptions in all categories

Ingenious car IPO subscriptions were driven by robust retail demand. Retail investors oversubscribed by 496.22 times, placing bids for 24.14 crore shares compared to the 4.86 lakh shares that were offered.

Against the 4.86 lakh shares reserved for the category, non-institutional investors applied for over 15.36 crore shares, booking their share 315.71 times.

QIBs, or qualified institutional buyers, placed bids totalling 1.25 crore shares.

Price band and subscription timetable

The Rs 11.99 crore Resourceful Automobile IPO is a fixed-price offering. 10.25 lakh new shares, priced at Rs 117 each, are being offered in the IPO.

The bidding period for Resourceful Automobile Limited's initial public offering ended on August 26.

It is anticipated that the IPO allotment status will be settled on Tuesday, August 27. On August 28, the shares of the winning bidders will be credited to their demat accounts, and the process of refunding non-allottees will commence. On August 29, the company's shares are anticipated to go live on the BSE SME platform.

Use of net proceedings from IPO

The net proceeds from the offering will be used by the Yamaha two-wheeler seller to finance a number of important initiatives, such as the opening of new showrooms in Delhi/NCR, the repayment of outstanding debt, and the fulfilment of growing working capital needs.