A planned initial public offering by an Indian motorcycle dealership with just two outlets and eight employees has been oversubscribed by more than 400 times, demonstrating how overheated the nation’s new-share market has become.
Resourceful Automobile Ltd. is seeking to raise 120 million rupees ($1.4 million), which it plans to use to repay debt and open new showrooms, according to the New Delhi-based company’s offer document. Operating under the brand name Sawhney Automobile, the company is an authorized dealer for Yamaha Motor Co. Calls placed to the firm for comment were not answered.
Helped by buoyant demand from a ...
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