EMS IPO
EMS Limited (EMSLIMITED) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 21 September 2023.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +52.2% (likely range +12% to +62%), day's high +58.5%, chance of a gain 92%. Actual: +33.7% at the open, +37.9% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 29,84,371 | 45,66,82,450 | 153x | |
| NII (HNI) total | 23,40,918 | 19,27,05,450 | 82.3x | |
| Big NII (above ₹10 lakh) | 15,60,612 | 12,65,93,880 | 81.1x | |
| Small NII (₹2-10 lakh) | 7,80,306 | 6,61,11,570 | 84.7x | |
| Retail | 54,62,142 | 16,27,19,130 | 29.8x | |
| Total | 1,07,87,431 | 81,21,07,030 | 75.3x |
Bids on NSE and BSE together, as published by NSE, as of 12 Sep 2023, 07:00 PM. Shares offered exclude the anchor portion. 17% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to EMS's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Vishnu Prakash R PungliaAug 2023 | 172x | 111x | 32.0x | 87.8x | ₹309 Cr | +66.7% | +66.7% |
| Aeroflex IndustriesAug 2023 | 195x | 126x | 34.4x | 97.1x | ₹352 Cr | +75.9% | +81.8% |
| Netweb Technologies IndiaJul 2023 | 229x | 81.8x | 19.2x | 90.4x | ₹625 Cr | +89.4% | +90.4% |
| Senco GoldJul 2023 | 181x | 65.0x | 15.5x | 73.4x | ₹427 Cr | +35.6% | +40.1% |
| Harsha Engineers InternationalSep 2022 | 178x | 71.3x | 17.6x | 74.7x | ₹794 Cr | +36.4% | +59.9% |
| IKIO LightingJun 2023 | 164x | 63.4x | 13.9x | 66.3x | ₹615 Cr | +37.7% | +50.0% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Khambatta Securities | 4 | +65.4% | 100% |
Offer documents (NSE)
Frequently asked
What is the EMS IPO price band and lot size? ₹200–211 per share, with a lot of 70 shares, so the smallest retail bid is ₹14,770.
How many times has it been subscribed? 75.3x overall: QIB 153x, NII 82.3x, retail 29.8x.
How did it list? It opened at ₹282, +33.7% against the issue price of ₹211, and closed its first day +32.6%.
