Prostarm's Electrifying IPO Success: A Powerhouse in the Making!

Prostarm Info Systems Ltd's initial share sale was a massive success, being oversubscribed 97.20 times. With strong backing from institutional investors, the company aims to allocate funds towards capital requirements, debt payments, and future acquisitions. They provide integrated power solutions across various sectors, including healthcare and renewable energy.

Prostarm Info Systems Ltd experienced a monumental surge in its initial public offering (IPO), achieving an impressive 97.20 times oversubscription. The Rs 168-crore IPO, marking the company's latest financial venture, witnessed robust interest, particularly from institutional investors, clinching an enthusiastic endorsement for its strategic plans.

According to data from the National Stock Exchange (NSE), the offering garnered bids for 108,86,41,296 shares against the available 1,12,00,000 shares. Notably, the non-institutional investor segment saw an extraordinary 222.14 times subscription, while Qualified Institutional Buyers (QIBs) and Retail Individual Investors (RIIs) recorded 104.49 and 39.49 times, respectively.

Prostarm, renowned for manufacturing power solutions, including UPS systems and lithium-ion battery packs, plans to allocate Rs 72.50 crore from the IPO to meet capital demands, repay debts, and fund prospective acquisitions. The forthcoming listing on BSE and NSE marks a new chapter for the Mumbai-based company, which continues to expand its client base across diverse industries.

(With inputs from agencies.)