Voler Car shares list flat at ₹90 on NSE SME, hit 5% lower circuit thereafter
Voler Car's IPO, which raised ₹27 crore from investors, witnessed a lacklustre stock market debut. The listing price was ₹90, but shares fell to ₹85.50 shortly after. The IPO was highly subscribed, indicating strong investor interest.
Voler Car IPO listing: Voler Car shares listed flat on the NSE SME platform at ₹90 on Wednesday, the same as their issue price. However, the stock corrected 5% after listing to ₹85.50, hitting the lower price band.
A strong response to Voler Car IPO
Voler Car IPO had received a strong response from investors as the issue was subscribed 13.62 times by the end of the third day of the bidding process. The public offering had been subscribed to 13.94 times in the retail category, 9.34 times in the QIB category, and 18.56 times in the NII category.
Voler Car grey market premium or GMP also stood at +5 ahead of listing. This indicated that shares of Voler Car were trading at a premium of ₹5 over the issue price. The same also meant that market participants were expecting Voler Car shares to list at ₹95, 5.56% higher than the issue price of ₹90. The listing. however, disappointed the investors.
About Voler Car and issue objective
Voler Car IPO was a book-built issue of ₹27 crore, consisting of a fresh sale of 30 lakh shares.
Established in 2010, Voler Cars Limited offers corporate clients and major multinational corporations dependable and effective employee transportation services (ETS).
With over 2,500 vehicles, including cars, SUVs, electric vehicles, buses, and tempo travellers, as well as committed teams and round-the-clock client service, the company provides full home-to-office transportation services.
Voler Car proposes to utilise the net proceeds from the issue towards funding working capital requirements of the company, general corporate purposes and IPO issue expenses.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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