Resourceful Automobile has announced its Initial Public Offering (IPO) with a price band set at ₹117 per equity share, targeting to raise ₹11.99 crore. The IPO is structured as a fresh issue of 10.25 lakh shares, and it will open for bidding on Thursday, August 22, 2024, and remain open until Monday, August 26, 2024.

Swastika Investmart Ltd is acting as the book-running lead manager for the IPO, while Cameo Corporate Services Limited will serve as the registrar. Nikunj Stock Brokers is appointed as the market maker for this IPO.

The net proceeds from the IPO are planned to be utilized for several key areas. These include expansion efforts such as opening new showrooms in the Delhi/NCR region, repayment of existing debt, addressing incremental working capital requirements, and other general corporate purposes. This will also cover expenses related to the public issue itself.

The allocation of shares for the Resourceful Automobile IPO is expected to be finalized on Tuesday, August 27, 2024, with the tentative listing scheduled on the BSE SME on Thursday, August 29, 2024.

Retail investors interested in participating in the IPO can bid for a minimum of one lot, which consists of 1,200 shares. Therefore, the minimum investment required for retail investors would be ₹1,40,400.

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About the Company: Operating under the showroom name “Sawhney Automobiles”, Resourceful Automobile specializes in the dealership of Yamaha two-wheelers. The company offers a comprehensive range of two-wheelers, including commuter bikes, sport bikes, cruisers, and scooters from reputable manufacturers. As an authorized Yamaha dealership, Sawhney Automobiles ensures customers access to the latest models and genuine spare parts.

The company operates two concept-driven showrooms, each featuring an integrated workshop. The Blue Square outlet, located in Dwarka, New Delhi, showcases the entire range of Yamaha two-wheelers, along with related apparel and accessories. The second showroom, situated on Palam Road, New Delhi, focuses on a diverse collection of premium and distinctive two-wheelers, featuring the latest Yamaha models and a wide selection of motorbikes.

Looking forward, Sawhney Automobiles is committed to growth and innovation in the dynamic two-wheeler industry. By staying attuned to market trends and embracing emerging technologies, the company aims to enhance its position as a leading destination for two-wheeled mobility.

Conclusion: The IPO by Resourceful Automobile is a significant step in the company’s expansion and growth strategy. With a clear plan to utilize the funds for expanding showrooms, repaying debt, and other corporate purposes, the company aims to strengthen its market presence. The upcoming IPO provides an opportunity for investors to be part of this growth journey, with shares opening for bidding on August 22 and listing expected on August 29, 2024.

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