Quality Power Shares End At 9.76% Discount Over Issue Price
Quality Power will use the IPO proceeds for acquisition, capex funding and inorganic growth initiaitves.
Quality Power Electrical Equipments Ltd. ended its debut trade with a discount of 9.76% over the issue price of Rs 425 apiece on the NSE at Rs 383.5 on Monday. On the BSE, the scrip closed 8.92% discount at Rs 387.05.
The stock listed on the NSE at Rs 432.05, a 1.66% premium over its issue price of Rs 425 apiece in the morning. On the BSE, the stock debuted at Rs 430 apiece, a premium of 1.18%.
The Rs 859-crore initial public offering was subscribed 1.29 times on its third and final day. The bids were led by retail investors (1.83 times), followed by non-institutional investors (1.45 times), and non-institutional investors (1.03 times).
The IPO consisted 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.
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.
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.
