A $1.4 million IPO overbought 400 times shows India stock frenzy
An IPO by small Indian motorcycle dealership Resourceful Automobile Ltd was oversubscribed over 400 times. The New Delhi company aims to raise 120 million rupees to repay debt and expand showrooms. Despite regulatory warnings, India's new-share market remains overheated with IPOs averaging over 50% gains since debut, driven by strong retail investor demand.
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An IPO by small Indian motorcycle dealership Resourceful Automobile Ltd was oversubscribed over 400 times. The New Delhi company aims to raise 120 million rupees to repay debt and expand showrooms. Despite regulatory warnings, India's new-share market remains overheated with IPOs averaging over 50% gains since debut, driven by strong retail investor demand. 
