Resourceful Automobile shares climb 11% from day's low price after flat listing

Shares of Resourceful Automobile made a flat listing at Dalal Street on Thursday. The stock of the buzzed SME player hit lower circuit at the opening tick but the counter was locked in the upper price band as the session progressed.
 

Resourceful Automobile shares were listed at bourses at par, that is, at the issue price of Rs 117. The total market capitalization of the company stood slightly below Rs 33 crore. The stock hit a 5 per cent lower circuit of Rs 111.15, while it was locked in the upper circuit limit of Rs 122.85 as the session progressed, witnessing a move of 10.5 per cent during the session.
 

Resourceful Automobile raised a total of Rs 11.99 crore via its initial stake sale, selling 10,24,800 equity shares at Rs 117 apiece between August 22 and August 26. The company had offered its shares in a lot size of 1,200 equity shares amounting to Rs 1.4 lakh.
 

Founded in 2018, Resourceful Automobile sells Yamaha two-wheelers under the name 'Sawhney Automobile' offering a comprehensive range of two-wheelers to fulfill a variety of customer wants and needs. The range includes commuter bikes, sports bikes, cruisers, and scooters from renowned manufacturers.
 

The Rs 12-crore SME IPO by Resourceful Automobile has been hogging the spotlight as the company with reportedly eight employees and only two showrooms, received 500 times or Rs 4,800 crore worth of subscription, raising concerns over investor frenzy in the SME space.
 

Swastika Investmart was the book running lead manager of the Resourceful Automobile IPO, while Cameo Corporate Services served as the registrar for the issue. The market maker for Resourceful Automobile IPO is Nikunj Stock Brokers. The stock was listed on the SME platform of BSE.