MUMBAI: Winro Commercial, a BSE-listed non-banking finance company (NBFC) with a market cap of nearly Rs 31 crore, has bid in LG Electronics India IPO for shares worth nearly Rs 749 crore, raising eyebrows among market players. The company is known to be active in the IPO space; it usually bids in the anchor books of offers, a market source said.The city-headquartered NBFC on Friday morning disclosed to BSE that it had applied for nearly 65.6 lakh shares of LG Electronics India at a per-share price of Rs 1,140 under the QIB segment of the offer, amounting to a total application value of close to Rs 749 crore.The shares of the company have not been traded for more than six and a half years. The last quote on BSE is of March 8, 2019, at Rs 244.According to a market veteran, a qualified institutional investor’s ability to invest in an IPO would depend on the entity’s net worth. Although Winro Commercial has filed its quarterly results on BSE regularly, its recent annual reports are not available on the bourse’s site. The last available annual report is of FY15.For FY25, the company had earned a consolidated net profit of Rs 481 crore on a total income of Rs 440 crore.Market players said that such disproportionate bidding when compared to a bidder’s financials should always alert investors as the current IPO frenzy could end in heartbreaks.On Thursday, the Rs 11,607-crore IPO for LG Electronics India closed with a demand book worth nearly Rs 4.4 lakh crore (ex-anchor investor part), translating to 54 times oversubscription. The offer is now the second biggest in India in terms of book size.According to final subscription data from BSE, the qualified institutional investor portion in the offer was subscribed 166.5 times.