New Delhi, Apr 24 (KNN) The initial public offering (IPO) of Emmforce Autotech, a niche automotive drivetrain parts manufacturer, witnessed an overwhelming response on the first day of bidding on Tuesday.

The company's maiden public issue was oversubscribed a staggering 20.21 times.

All categories of investors participated actively in the issue on Tuesday, with bids received for 7.94 crore equity shares against the IPO size of 39.33 lakh shares, as per subscription data available with the Bombay Stock Exchange (BSE).

Retail investors led the charge by subscribing 29.34 times the allotted quota. Non-institutional investors, comprising high net-worth individuals, also showed significant interest, bidding 23.37 times the reserved portion.

Notably, the book for qualified institutional buyers was fully subscribed, with bids received 1.03 times the part set aside for them.

Emmforce Autotech, a manufacturer of differential lockers & spools, 4WD locking hubs, spindles, axles & shafts, and yokes primarily for 4-wheel drive and performance racing vehicles, intends to raise Rs 53.90 crore through this public issue. The IPO comprises solely a fresh issue component of 54.99 lakh equity shares.

(KNN Bureau)