Quality Power IPO Subscribed 1.29 Times

New Delhi, Feb 18 (PTI) The initial public offering (IPO) of Quality Power Electrical Equipments Ltd got subscribed 1.29 times on the last day of bidding on Tuesday.

The initial share sale received bids for 1,43,31,304 shares against 1,11,12,530 shares on offer, according to data available with the NSE.

The category for retail individual investors (RIIs) garnered 1.83 times subscription while the quota for non-institutional investors got subscribed 1.45 times. The portion for qualified institutional buyers (QIBs) fetched 1.03 times subscription.

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

The Rs 859-crore IPO has 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.

Proceeds from the fresh issue will be utilised for the 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 the NSE.