IPO
Quality Power’s Rs.859-Cr IPO subscribed 1.29 times
The INR 859 crore initial public offer (IPO) of Sangli, Maharashtra-headquartered Quality Power Electrical Equipment Ltd (QPEEL) received 1,43,03,926 bids for shares as against 1,11,12,530 shares on offer. The issue was subscribed 1.29 times.The price band for the IPO was fixed between INR 401 and INR 425 per share. The Non-Institutional Investors (NIIs) quota was subscribed 1.10 times, while the portion for Retail Individual Investors (RIIs) received 1.07 times the allotted subscription. Qualified Institutional Buyers (QIBs) saw a subscription level of 62%.Earlier, the company raised more than INR 386 crore from 21 anchor investors. The IPO comprised a fresh issuance of equity shares for INR 225 crore, with an offer-for-sale (OFS) of 1.5 crore shares worth INR 634 crore at the upper limit of the price range.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.QPEEL offers a range of technology-driven products, system solutions, and professional services tailored for the power sector.
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