Quality Power IPO Surpasses Expectations with 1.29 Times Subscription

Quality Power Electrical Equipments Ltd's IPO gets oversubscribed by 1.29 times. The company seeks to raise Rs 859 crore with plans for acquisitions and capital investments. Proceeds from the fresh issue will be used for strategic initiatives, with Pantomath Capital Advisors as the lead manager.

The initial public offering of Quality Power Electrical Equipments Ltd witnessed significant interest, being subscribed 1.29 times on its final day of bidding. According to the National Stock Exchange data, bids poured in for 1,43,31,304 shares against the 1,11,12,530 shares available.

Particularly, the retail individual investors' category witnessed a 1.83 times subscription, whereas the non-institutional investors' quota was subscribed 1.45 times. The qualified institutional buyers' portion saw a 1.03 times subscription. The company successfully raised over Rs 386 crore from anchor investors.

The IPO aims to garner Rs 859 crore, with a price band of Rs 401-425 per share. It includes a fresh equity issue aggregating Rs 225 crore and an offer-for-sale of 1.5 crore shares valued at Rs 634 crore. The funds are earmarked for the acquisition of Mehru Electrical and Mechanical Engineers, capital expenditures on new machinery, and various strategic growth initiatives.

(With inputs from agencies.)