The stock market is excited about the first IPO of a resourceful automobile. IPO is a process where the shares of private companies are listed on the stock exchange to make the shares available to the public. As soon as Resourceful Automobile’s IPO was announced, there was a flurry of applications to buy the company’s shares.
Due to this strong enthusiasm of investors, applications were received 200 times as compared to the total of 10.25 lakh shares on August 26. Resourceful Automobile’s initial IPO is 10.5 lakh, according to BSE data on Monday. Each share is priced at Rs. 117. The IPO opened for subscription on 22 August and closed on Monday, 26 August. Resourceful Automobile’s maiden IPO has caught the attention of retail investors in just three days.
The allotment of shares is expected to be finalized on August 27, and the shares may be listed on BSE on August 29. Founded in 2018, Resourceful Automobiles is a private company with only two showrooms in New Delhi. This company deals in commuter bikes, sports bikes, cruisers, and scooters. The proceeds from the automobile’s IPO will reportedly be used to open new showrooms in the New Delhi NCR region.
