Pace Digitek Ltd's IPO: A Fresh Wave in Telecom Infrastructure

Pace Digitek Ltd, a telecom infrastructure solutions provider, has launched its IPO, which saw a 16% subscription on its first day. The company aims to raise funds for capital expenditure and other corporate purposes, with the issue concluding on September 30. Unistone Capital manages the IPO process.

Pace Digitek Ltd, a key player in telecom infrastructure solutions, launched its initial public offer (IPO) with a promising start. The IPO achieved a 16% subscription on its inaugural day, attracting bids for over 44 lakh shares against the 2.76 crore shares released.

Retail Individual Investors (RIIs) and Qualified Institutional Buyers (QIBs) showed significant interest, subscribing 18% and 17% of their quotas, respectively. Meanwhile, Non-Institutional Investors subscribed to 9% of their allocation.

The Bengaluru-based firm plans to channel Rs 630 crore from the fresh issue, worth Rs 819.15 crore in total, into capital expenditure and general corporate purposes. This IPO is part of Pace Digitek Ltd's strategic growth plan in the telecom passive infrastructure sector, including telecom towers and optical fibre cables. Unistone Capital is handling the lead management of the issue.

(With inputs from agencies.)