He posted on social media platform X that: “I used to have a phrase called ‘sins of a bull market.’ This makes me think I need a much more dramatic one. Be careful, folks.”
I used to have a phrase called “sins of a bull market.” This makes me think I need a much more dramatic one.
Be careful, friends. image.twitter.com/Wda9k2K5Mw
—Radhika Gupta (@iRadhikaGupta) August 27, 2024
He shared an ET article titled “On Pole Position on Two Wheels and Eight Spokes.” The news article talked about 400 times the demand for a company that operates two Yamaha showrooms and has just eight employees.
The New Delhi-based bicycle showroom Ingenious carRecently, the company filed for its initial public offering (IPO). The 12 crore small and medium enterprises (SMEs) IPO It received offers worth Rs 4,700 crore from investors.
The IPO was subscribed nearly 400 times on the last day of bidding on Monday. The IPO opened on August 22 and will be listed on the BSE SME platform on August 29.
The company offered 10.25 lakh shares and received bids for 40.76 crore. According to the news article, the IPO was a completely fresh issue of 10.24 lakh shares. The company offered its shares at Rs 117 each and investors could bid for 1,200 shares in a lot.
Several social media participants mentioned that the demand for this IPO highlights the frenzy in this space and also called for stricter regulations.
In the retail investors category, the subscription received was 496 times. The shares offered were 4.87 lakh, against which the shares for which bids were received were 2.414 lakh, amounting to a total of Rs 2,825 crore.
According to the red herring prospectus (RHP), Resourceful Automobile plans to use the proceeds from the IPO to fund expansion of its operations, including opening of two new showrooms in the Delhi-NCR region, repayment of debt and meeting working capital requirements.
Resourceful Automobile is engaged in the business of buying, selling and trading of cars, automobiles, trucks, buses, vans, motorcycles, cycle cars, motorbikes, scooters, carriages and amphibious vehicles.
For the year ended February 2024, the company had total revenue of Rs 16.53 crore and net profit of Rs 1.52 crore. It also reported negative cash flow of Rs 19.33 lakh from operating activities for the period ended October 31, 2023.
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