EPACK Durable IPO Subscribed 77% on Day 1

New Delhi, Jan 19 (PTI) The initial public offering of EPACK Durable, an outsourced design manufacturer of room air conditioners, got subscribed 77 per cent on the first day of subscription on Friday.

The initial share sale received bids for 1,53,54,560 shares, as against 1,99,77,615 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) got subscribed 1.17 times while the portion for non-institutional investors attracted 82 per cent subscription. The Qualified Institutional Buyers (QIBs) part got subscribed 1 per cent.

The Initial Public Offering (IPO) has a fresh issue of Rs 400 crore and an offer-for-sale of up to 1,04,37,047 equity shares.

The IPO has a price range of Rs 218-230 a share.

EPACK Durable Ltd on Thursday raised Rs 192 crore from anchor investors.

At the upper end of the price band, the public issue is expected to mobilise Rs 640 crore.

Proceeds of the fresh issue will be utilised for funding capital expenditure for the setting up of manufacturing facilities, payment of loans, and general corporate purposes.

Founded in 2002, EPACK Durable manufactures room air conditioners and small household appliances.

It has integrated manufacturing facilities in Dehradun and Bhiwadi, Rajasthan where it manufactures room air conditioners, components, and small household appliances for leading Indian and MNC brands in India as an Original Design Manufacturer (ODM).

Axis Capital, DAM Capital Advisors and ICICI Securities are the managers to the offer.