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Business: There is a bull run going on in the stock market right now, to cash in on which many companies are bringing their IPO. One of these is Resourceful Automobile (Resourceful Automobile IPO). This company has only two Yamaha showrooms in Delhi, under the brand name of Sahni Automobiles. Only 8 people work in it. The company had planned to raise Rs 12 crore from the IPO at a price band of Rs 117. Its listing can happen on August 29. Till here everything was fine, there was a problem regarding the subscription of the IPO.
Ola Electric Mobility Limited, owned by billionaire businessman Bhavish Aggarwal, recently launched its IPO. This company is currently in loss, but considering the increasing trend of electric vehicles, its future is considered good. But, Ola Electric got a very cold response from investors. Its listing happened only at the upper price band of the IPO i.e. Rs 76.
At the same time, Resourceful Automobile's IPO broke all bidding records. The company had to raise only Rs 12 crore, but received bids worth Rs 4,800 crore. There is also a premium of Rs 105 in the grey market. In such a situation, experts are surprised that what is so special about Resourceful Automobile, which has two showrooms and 8 employees, that investors are flocking to its IPO. Many people on social media are also accusing of 'glitches'.
What are social media users saying?
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