The EMS IPO continued to generate significant interest from investors on its second day of bidding, September 11, with a substantial demand surge. Investors eagerly snapped up 16.21 crore shares, a remarkable 15.03 times oversubscription compared to the IPO’s initial size of 1.07 crore shares.

High net-worth individuals and retail investors displayed notable enthusiasm for the company, bidding at 29.71 times and 16.59 times the allotted quota, respectively. Their allocations represent 15 percent and 35 percent of the total issue size.

Qualified institutional buyers exhibited strong interest by securing 67 percent of the shares in the reserved portion, which constitutes 50 percent of the overall IPO size.

The IPO, valued at Rs 321.24 crore, is being offered by the sewerage solutions provider and comprises a fresh issuance of shares worth Rs 146.24 crore, along with an offer-for-sale (OFS) of Rs 175 crore by promoter Ranveer Singh, set at the upper price band.

Investors have the opportunity to subscribe within a price band of Rs 200-211 per share.

The Ghaziabad-based water and wastewater collection, treatment, and disposal services provider had already generated Rs 96.37 crore in funding on September 7, a day prior to the IPO’s opening, through a fully subscribed anchor book. Distinguished investors, including Saint Capital Fund, Abakkus Diversified Alpha Fund, Morgan Stanley Asia (Singapore), and BofA Securities Europe SA – ODI, were among the six participants in the anchor book.

The company intends to primarily utilize the proceeds from the fresh issue for meeting its working capital requirements, amounting to Rs 101.24 crore, with the remainder allocated for general corporate purposes.

Interested investors should note that the IPO subscription period will conclude on September 12, and they are encouraged to participate in this promising opportunity.

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