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HomeMarket NewsQuality Power IPO subscribed 62% on day 1; retail investors show moderate interest
The Maharashtra-based energy transmission equipment company had already raised over ₹386 crore from anchor investors ahead of the public issue. The ₹859-crore IPO will remain open for bidding until February 18.
By CNBCTV18.com February 15, 2025, 1:28:53 PM IST (Published)
The initial public offering (IPO) of Quality Power Electrical Equipments Ltd was subscribed 62 per cent on its opening day, Friday, according to data from the Stock Exchange (NSE).
The IPO received bids for 69,24,658 shares against the 1,11,12,530 shares on offer. Non-institutional investors led the response with 82% subscription, while retail individual investors (RIIs) subscribed 57%. The Qualified Institutional Buyers (QIBs) segment saw 54% subscription.
The Maharashtra-based energy transmission equipment company had already raised over ₹386 crore from anchor investors ahead of the public issue. The ₹859-crore IPO will remain open for bidding until February 18.
The price band for the IPO is set at ₹401-425 per share. It comprises a fresh issue of equity shares worth ₹225 crore and an offer-for-sale (OFS) of 1.5 crore shares valued at ₹634 crore at the upper end of the price range. Promoter Chitra Pandyan will offload shares through the OFS.
The proceeds from the fresh issue will be allocated for the acquisition of Mehru Electrical and Mechanical Engineers, purchasing plant and machinery, and supporting inorganic growth through acquisitions. Additionally, funds will be used for strategic initiatives and general corporate purposes.
Pantomath Capital Advisors is the sole book-running lead manager for the IPO. The shares are set to be listed on the BSE and NSE post-issue.
