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Quality Power IPO Day 3 Live Updates: The initial public offering of Quality Power Electrical Equipments Ltd, which commenced on Friday, February 14, has sought to navigate through the turbulent market environment, achieving an overall subscription rate of 83% primarily driven by Non-Institutional Investors (NIIs) and Retail investors.
The non-institutional investor quota was subscribed 1.10 times, while the portion for Retail Individual Investors (RIIs) received a subscription rate of 1.07 times. Meanwhile, the segment for Qualified Institutional Buyers (QIBs) saw a subscription level of 62 percent.
The company specializing in energy transmission equipment and technologies has raised more than ₹386 crore from its anchor investors. The Initial Public Offering (IPO) of ₹859 crore is set to close on Tuesday, February 18. The pricing for the Quality Power IPO is established within the range of ₹401 to ₹425 per share.
Quality Power Electrical IPO comprises a fresh issuance of equity shares totaling up to ₹225 crore, along with an offer-for-sale (OFS) of 1.5 crore shares worth ₹634 crore at the upper limit of the price range. This brings the total size of the offering to ₹859 crore.
The funds raised from the new issue will be used for the acquisition of Mehru Electrical and Mechanical Engineers, as well as for financing capital expenditure needs for the purchase of equipment and machinery.
Pantomath Capital Advisors is the exclusive book-running lead manager for the offering.
Stay tuned for more updates
Quality Power IPO Day 3 Live Updates: Here’s what Quality Power IPO GMP hints ahead of third bidding day
Quality Power Electrical Equipments IPO GMP today was ₹0, which meant shares were trading at their issue price of ₹425 with no premium or discount in the grey market according to investorgain.com
According to the grey market activities observed over the past 11 sessions, the current IPO GMP is showing a downward trend and is anticipated to decline further. The minimum GMP recorded is ₹0.00, whereas the maximum GMP reached is ₹135.00, according to experts from investorgain.com.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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