EMS Ltd IPO subscribed 3.71 times on Day 1 of offer

The initial public offer of water and sewerage infra player EMS Ltd got subscribed 3.71 times on the first day of the sale on Friday, riding on huge demand from non-institutional and retail investors.

The share sale received bids for 4,00,47,140 shares against 1,07,87,431 shares on offer, as per data available with the NSE.

The category for non-institutional investors was subscribed 5.97 times while the Retail Individual Investors (RIIs) part received 4.72 times subscription. The portion for Qualified Institutional Buyers (QIBs) got subscribed 9 per cent.

The IPO had a fresh issue of up to Rs 146.24 crore and Offer for Sale up to 82,94,118 equity shares.

Price range for the offer is Rs 200-211 a share.

The company offers water and sewerage infra solutions, including laying the sewerage network to build sewerage and water treatment plants in Uttar Pradesh, Bihar, Uttarakhand and Rajasthan.

EMS Ltd on Thursday said it has raised Rs 96.37 crore from anchor investors.

Proceeds from the fresh issue will be used to fund working capital requirements and for other general corporate purposes.

Khambatta Securities Limited is the manager to the offer.

Shares of the company will be listed on the BSE and the NSE.