Water & Sewage EPC / Infrastructure - Listed on 21 September 2023
EMS Limited (Water & Sewage EPC / Infrastructure) closed its IPO window in 2023 and listed on NSE and BSE on 21 September 2023 at an upper band issue price of Rs 211, opening at Rs 282 for a listing gain of +33.6% and closing day one at Rs 279.9 (+32.7% on closing basis). The IPO was subscribed 75.26x overall - QIB 153.02x, HNI/NII 82.32x, Retail 29.75x. The total issue size was Rs 321.25 Cr (Fresh Issue Rs 146.24 Cr, OFS Rs 175.01 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Water & Sewage EPC / Infrastructure
EMS Limited operates in the Water & Sewage EPC / Infrastructure space. The company’s listed profile is shaped by its operating niche, customer demand and ability to convert that demand into steady cash flows. Investors should read its exchange filings alongside the headline listing numbers for a fuller view of the business.
Issue structure, listing outcome and context
The EMS Limited issue was offered at an upper price of Rs 211 and raised approximately Rs 321.25 crore. The final outcome reflected a mix of subscription demand, valuation, market conditions and the company’s own operating story. Fresh issue and offer-for-sale details, where available, are shown in the issue metrics below.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 100 | +47.39% |
| Day 2 | Rs 120 | +56.87% |
| Day 3 | Rs 125 | +59.24% |
| Day 4 | Rs 125 | +59.24% |
| Day 5 | Rs 120 | +56.87% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
How the broader market moved around the EMS Limited IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
EMS Limited IPO listed at +33.6% versus the upper issue price of Rs 211 on 21 September 2023.
EMS Limited IPO was subscribed 75.26x overall. QIB portion was subscribed 153.02x, HNI / NII 82.32x and Retail 29.75x.
IPO GMP started at Rs 100 on Day 1 and moved to Rs 120 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.