Overzealous investors give Rs 1,000 crore bids to an SME IPO asking for just Rs 8 crore

The IPO in focus this time is Boss Packaging, which aimed to raise Rs 8 crore but attracted bids exceeding Rs 1,000 crore. Both retail and non-retail portions of the offering were oversubscribed by more than 100 times. According to the DRHP, the company had only 64 employees as of March 2024, and images of its deteriorating office have been widely circulated on social media.