Resourceful Automobile's IPO on BSE SME platform receives 400x subscription worth ₹2,700 crore despite negative cash flow and limited scale.
Small auto firm Resourceful Automobile's IPO, with only two showrooms in New Delhi, receives a 400x subscription, generating bids worth ₹2,700 crore, despite negative cash flow and limited scale. This has raised concerns about speculation and the SME market. The IPO listed on BSE SME platform on August 29, 2024, experiencing a 74.13-fold oversubscription by August 24. The heightened interest in SME IPOs could positively impact the SME market.
August 26, 2024
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