Quality Power Electrifies With Strong IPO Subscription

On its second day, Quality Power Electrical Equipments Ltd's IPO received 83% subscription. It achieved bids for over 92 lakh shares, with significant interest from non-institutional and retail investors. The IPO seeks Rs 859 crore for acquisitions, capital expenditure, and strategic initiatives. It concludes on Tuesday.

Quality Power Electrical Equipments Ltd's initial public offering (IPO) received a warm response, achieving 83% subscription by the second day of bidding, Monday. According to NSE data, the IPO gathered bids for 92,24,514 shares against the 1,11,12,530 shares available.

The non-institutional investor category saw 1.10 times subscription, while Retail Individual Investors attracted 1.07 times the interest. Qualified Institutional Buyers (QIBs) had 62% subscription. The company, dealing with energy transmission equipment and technologies, secured Rs 386 crore from anchor investors, displaying notable market confidence.

The Rs 859-crore IPO is available in a price range of Rs 401-425 per share and concludes on Tuesday. It includes a fresh issue of equity shares, aggregating up to Rs 225 crore, and an offer-for-sale valued at Rs 634 crore. Proceeds aim for strategic acquisitions and funding capital expenditures. Pantomath Capital Advisors is managing the offer, with shares set to list on BSE and NSE.