Quality Power Ltd.'s Rs 859-crore initial public offering has been subscribed 82% times so far on its second day on Monday. The portion reserved for non-institutional and retail investors has been fully subscribed. The IPO saw 62% subscription on its first day last week.
The energy transmission and power technology company has set a price band of Rs 401 to Rs 425 per share, valuing it at Rs 3,300 crore at the upper end. Investors can bid for a minimum of 26 shares and multiples thereof.
The IPO consists of a fresh issue of shares worth up to Rs 225 crore and an offer-for-sale of 1.5 crore shares (Rs 634 crore at the upper price band), totaling Rs 859 crore. The company had filed draft papers for the IPO in September.
The shares will be listed on both the BSE and NSE.
Quality Power plans to use the IPO proceeds for several purposes; acquiring Mehru Electrical and Mechanical Engineers Pvt., funding capital expenditure for plant and machinery, pursuing inorganic growth through acquisitions and strategic initiatives, and general corporate purposes.
IPO Details
Issue opens: Feb. 14.
Issue closes: Feb. 18.
Issue price: Rs 401–425.
Offer for sale: Rs 634 crore.
Fresh issue: Rs 225 crore.
Total issue size: Rs 859 crore.
Lot size: Minimum 26 shares, and then in multiples thereof.
Business
Quality Power specialises in critical energy transition equipment up to 765kV and power technologies, offering high-voltage electrical equipment and solutions for grid connectivity and energy transition.
They provide power products and solutions across the power generation, transmission, distribution, and automation sectors.
Notably, Quality Power is one of the few global manufacturers of critical high-voltage equipment for High Voltage Direct Current and flexible AC transmission systems networks.
Quality Power IPO Subscription Status
The IPO has been subscribed 0.82 times as of 4:10 p.m. on Monday.
Qualified institutional buyers: 62%.
Non-institutional investors: 1.07 times.
Retail investors: 1.03 times.
Quality Power IPO GMP
The grey market premium of the Quality Power IPO is Rs 5 as of 12:31 p.m. on Feb. 17, according to InvestorGain. This implies shares of the company will likely list at Rs 430 apiece, indicating a 1.18% premium to the upper end of the price band.
It should be noted that GMP or grey market price is not an official price quote for the stock and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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