Prostarm Info IPO: 12.65 Times Subscription on Day 2

New Delhi, May 28 (PTI) The Rs 168-crore initial share sale of integrated power solution company Prostarm Info Systems received 12.65 times subscription on day two of the bidding on Wednesday.

The initial public offering (IPO) received bids for 14,16,94,842 shares, as against 1,12,00,000 shares on offer, as per NSE data.

The non institutional investors category got subscribed 27.23 times, while the quota for Retail Individual Investors (RIIs) fetched 13.04 times subscription. The Qualified Institutional Buyers (QIBs) part received 1.03 times subscription.

The IPO has a fresh issue of 1.6 crore equity shares. The price band for the offer is fixed at Rs 95-105 per share.

Prostarm Info Systems intends to utilise Rs 72.50 crore of the total IPO proceeds towards funding capital requirements of the company, Rs 17.95 crore for payment of debt and the remaining capital will be used for achieving inorganic growth through unidentified acquisitions and other strategic initiatives as well as for general corporate purposes.

The company is an integrated power solution provider, especially in UPS system lithium-ion battery pack and third-party power solution products, among others. It caters to a range of industries, including healthcare, aviation, research, BFSI, railways, defence, security, education, renewable energy, information technology and oil & gas.

It manufactures several power solution products under the Prostarm brand, such as UPS systems, inverter systems, lift inverter systems, solar hybrid inverter systems, lithium-ion battery packs, servo-controlled voltage stabilisers, and isolation transformers.

The firm operates three manufacturing facilities in Maharashtra. The company catered to more than 700 clients during FY24, including Larsen & Toubro Ltd, Tata Power Co. Ltd and Bajaj Finance Ltd.

The company's shares will be listed on the BSE and NSE.

Choice Capital Advisors is the book running lead manager, and Kfin Technologies Ltd is the registrar to the offer.