However, ahead of the listing, the company’s shares traded at a GMP (Grey Market Premium) of 89% above the offer price.
The IPO, which was completely a fresh equity sale of 10.24 lakh shares, was subscribed nearly 400 times, driven by robust demand across categories. The company proposes to use the net proceeds from the public offer for expansion by opening new showrooms, repayment of debt, and other general corporate purposes.
The company claims to engage in the business of buying, selling, and dealing in, automobiles, motorcars, lorries, buses, vans, motorcycles, cycle-cars, motor, scooters, carriages, amphibious vehicles, and vehicles suitable for propulsion on land, sea, or in the air or any combination thereof.
It is actively involved in the dealership of Yamaha two-wheelers, operating under the showroom name “Sawhney Automobile.”Sawhney Automobile caters to a diverse range of customer preferences by offering a comprehensive selection of two-wheelers. Its inventory includes commuter bikes, sport bikes, cruisers, and scooters, all sourced from reputable manufacturers.The two-wheeler market in India has expanded significantly and now plays a crucial role in the nation’s transportation infrastructure. With rapid growth, India has become one of the largest two-wheeler markets in the world.For the year ending February 2024, the company reported total revenues of Rs 16.53 crore and a net profit of Rs 1.52 crore.
Swastika Investmart served as the lead manager for the issue, while Cameo Corporate Services acted as the registrar.
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