The initial public offering of temperature sensing and heating solutions provider Tempsens Instruments (India) Ltd was subscribed a massive 184.07 times on the final day of bidding on Monday, driven by overwhelming response from investors.
The Rs 650-crore public offering received bids for 2,79,44,59,050 shares against 1,51,81,667 shares on offer, as per details available with the NSE.
The quota for non-institutional investors (NIIs) was subscribed a whopping 314.44 times. Similarly, the category for Qualified Institutional Buyers (QIBs) drew 302.88 times subscription. The retail portion was booked 60.69 times.
Tempsens Instruments (India) Ltd has garnered Rs 194.55 crore from anchor investors, including Temasek and SBI Mutual Fund.
The company has fixed a price band of Rs 285-300 per equity share for the public issue.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 95 crore and an offer-for-sale of up to 1.85 crore equity shares. At the upper end of the price band, the issue size is Rs 650 crore, and the company's post-issue market capitalisation is estimated at Rs 2,515 crore.
The Udaipur-based company plans to use the proceeds for capital expenditure in electrical heating and specialised cable solutions, debt repayment and general corporate purposes.
Incorporated in 1990, Tempsens manufactures a wide range of contact and non-contact temperature sensors and provides tailored solutions across industrial applications.
The shares are proposed to be listed on the BSE and the NSE.
ICICI Securities and JM Financial are the book-running lead managers to the issue.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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