Quality Power Electrical IPO Subscribed 62% on Day 1

New Delhi, Feb 14 (PTI) The initial public offer of Quality Power Electrical Equipments Ltd got subscribed 62 per cent on the first day of bidding on Friday.

The initial share sale received bids for 69,24,658 shares against 1,11,12,530 shares on offer, as per NSE data.

The category for non-institutional investors garnered 82 per cent subscription while the quota for Retail Individual Investors (RIIs) got subscribed 57 per cent. The Qualified Institutional Buyers (QIBs) part attracted 54 per cent subscription.

The energy transmission equipment and technologies company has garnered over Rs 386 crore from anchor investors.

The Rs 859-crore Initial Public Offering (IPO) will conclude on February 18.

The IPO is in a price range of Rs 401-425 per share.

The IPO has a fresh issue of equity shares aggregating up to Rs 225 crore and an offer-for-sale (OFS) of 1.5 crore shares valued at Rs 634 crore at the upper end of the price band. This takes the total issue size to Rs 859 crore.

As part of the OFS, promoter Chitra Pandyan will offload shares of the company.

The Pandyan family holds 100 per cent stake in Maharashtra-based Quality Power.

Proceeds from the fresh issue would be utilised for acquisition of Mehru Electrical and Mechanical Engineers, funding capital expenditure requirements for purchasing plant and machinery.

Besides, the company will use the funds for inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

Pantomath Capital Advisors is the sole book running lead manager to the offer.

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