IPO
Heating solutions provider Tempsens’ Rs.650-Cr IPO gets 184x subscription
Udaipur-based Tempsens Instruments (India) has raised funds through an initial public offering (IPO) that was subscribed 184.07 times. Non-institutional investors subscribed 314.44 times, while qualified institutional buyers and retail investors subscribed 302.88 times and 60.69 times, respectively.The IPO consisted of a fresh issue of equity shares aggregating up to INR 95 crore and an offer-for-sale of up to 1.85 crore equity shares. It was priced in the band of INR 285 to INR 300 per equity share.The company garnered INR 194.55 crore from anchor investors, including Temasek and SBI Mutual Fund. ICICI Securities and JM Financial acted as book-running lead managers for the issuance.Incorporated in 1990, the company manufactures a variety of contact and non-contact temperature sensors and provides heating solutions for industrial applications. The company plans to use the proceeds from the IPO to fund capital expenditure for electrical heating and specialised cable solutions, as well as for debt repayment.
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