Prostarm Info Systems IPO Fully Subscribed on Day 1

New Delhi, May 27 (PTI) The initial public offer of integrated power solution company Prostarm Info Systems Ltd got fully subscribed on the first day of bidding on Tuesday, ending with 3.54 times subscription.

The Rs 168-crore initial share sale received bids for 3,97,02,916 shares against 1,12,00,000 shares on offer, as per NSE data.

The quota for non-institutional investors received 6.82 times subscription, while the category for Retail Individual Investors (RIIs) got subscribed 4.14 times. The portion for Qualified Institutional Buyers (QIBs) received 5 per cent subscription.

The initial public offering will conclude on May 29.

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.

It 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.