Shree OSFM E-Mobility made a muted debut today, on December 21, 2023, as it got listed at the issue price of ₹65 apiece. However, the shares jumped to ₹68.25 apiece within minutes of hitting the secondary market, indicating a premium of 5% over the issue price.
The ₹24.6 crore SME (small and medium enterprise) IPO was open for subscription between December 14 and December 18, at a price of ₹65 per share. The issue is entirely a fresh issue of 37.84 lakh shares. Around 50% of the net offer is reserved for retail investors.
The issue was overall subscribed to 7.69 times. The issue received a healthy response from retail investors whose portion was subscribed to 9.30 times and a decent response from non-institutional buyers whose portion was subscribed to 6.82 times, according to data on Chittorgarh.
The company proposes to utilise the net proceeds from the fresh issue towards funding the additional working capital requirements, the purchase of passenger vehicles, and general corporate purposes.
Shree OSFM E-Mobility is engaged in providing employee transportation services to large MNCs with a presence across major cities in India. It has over 16 years of experience in catering to the employee transportation needs of companies in IT/ITES, aviation, and other sectors.
The company operates on a largely “asset-light” engagement model. Typical operating parameters are on a monthly lease, per kilometer, per passenger trip, and package model.
Currently, the company operates with over 1,475 vehicles, including a variety of vehicles such as small cars, sedans, SUVs, luxury cars, and buses, of which 217 are owned by the company and the rest is leased from various vendors, RHP showed.
The company has offices in 42 sites in cities like Mumbai, Navi Mumbai, Pune, Bengaluru, and Kolkata. Shree OSFM E-Mobility's clientele includes J.P. Morgan, Morgan Stanley, Capgemini, Accenture, etc.
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