Amba Auto Sales & Services IPO Launch: Initial Subscription and Key Details
Amba Auto Sales & Services IPO Day 1: Issue booked 11% so far; check GMP, price band & other details
Mint
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Amba Auto Sales & Services has launched its initial public offering (IPO) to raise ₹65 crore, opening for bidding on April 27 and closing on April 29. As of the first day, the IPO was subscribed 10.8% with a price band of ₹130 to ₹135 per share, and the grey market premium is currently nil.
- 01Amba Auto Sales & Services aims to raise ₹65 crore through its IPO.
- 02The IPO opened for bidding on April 27 and will close on April 29.
- 03As of the first day, the IPO was subscribed 10.8%, with retail investors at 8%.
- 04The grey market premium for the shares is currently nil.
- 05The company plans to use the funds for expansion and working capital needs.
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Amba Auto Sales & Services, an authorized dealer for Bajaj Auto and LG Electronics based in Bengaluru, has launched its initial public offering (IPO) with the goal of raising ₹65 crore. The IPO opened for bidding on April 27 and will remain open until April 29. The price band for the shares is set between ₹130 and ₹135 each, with a minimum investment requirement of ₹135,000 for retail investors applying for two lots of 1,000 shares each. As of 3:08 PM on the first day, the IPO was subscribed 10.8%, with retail subscriptions at 8% and non-institutional investors at 15%. No bids were received from qualified institutional buyers (QIBs) yet. The grey market premium (GMP) for the shares is currently nil, indicating that they are trading at par with the offer price. The funds raised will be used for capital expenditures, including setting up new stores and renovating existing ones, as well as for working capital and general corporate purposes. The allotment of shares is expected on April 30, with shares credited to demat accounts by May 4 and listing on the NSE SME platform scheduled for May 5.
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The IPO could provide Amba Auto Sales & Services with the necessary funds to expand its operations, potentially leading to job creation and improved service offerings for customers.
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