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IPO

Wastewater mgmt enabler EMS's Rs.321-Cr IPO subscribed 75x

Republic World  

The initial public offering (IPO) of Ghaziabad-based EMS Ltd was oversubscribed by 75.23 times, with investors purchasing 81.15 crore equity shares against the offer size of 1.07 crore shares. EMS aimed to raise INR 321.24 crore through the public issue, with a price band set at INR 200–211 per share. Qualified institutional buyers subscribed to 149.98 times the allotted quota, which represents 50% of the total offer size. High-net-worth individuals subscribed 84.39 times. Retail investors bid 30.55 times the reserved portion, constituting 35% of the issue size. The IPO comprised a fresh issue of shares for INR 146.24 crore and an offer-for-sale (OFS) of 82.94 lakh equity shares for INR 175 crore by promoter Ramveer Singh. The company plans to use the net fresh issue proceeds primarily for working capital requirements amounting to INR 101.24 crore. Incorporated in 2012, EMS Ltd, previously known as EMS Infracon, is engaged in the business of providing water and wastewater collection, treatment, and disposal services.