Prostarm Info Systems IPO Achieves Remarkable Oversubscription

Prostarm Info Systems' IPO, valued at Rs 168 crore, saw a subscription rate of 12.65 times on its second day. The company aims to use the proceeds for capital requirements, debt repayment, acquisitions, and strategic initiatives. It provides power solutions to various industries and plans listing on BSE and NSE.

Prostarm Info Systems, an integrated power solutions entity, witnessed a surge in investor interest as its Rs 168-crore IPO received 12.65 times subscription by the second day of bidding.

According to NSE data, the offering was notable for receiving 14,16,94,842 bids against the available 1,12,00,000 shares, underlining the strong market demand. Notably, non-institutional investors subscribed 27.23 times, retail investors 13.04 times, and qualified institutional buyers 1.03 times.

The IPO includes 1.6 crore fresh equity shares, with a price range of Rs 95-105 per share. Prostarm plans to allocate Rs 72.50 crore for capital needs, Rs 17.95 crore for debt servicing, and the remainder for potential acquisitions and corporate ventures. The company, serving varied sectors like healthcare, aviation, and IT, will list on BSE and NSE.

(With inputs from agencies.)