Latest News | Prostarm Info Systems IPO Subscribed 97.20 Times

New Delhi, May 29 (PTI) The Rs 168-crore initial share sale of integrated power solution company Prostarm Info Systems Ltd got subscribed a whopping 97.20 times on the closing day of bidding on Thursday, helped by encouraging participation from institutional investors.

The Initial Public Offer (IPO) received bids for 108,86,41,296 shares against 1,12,00,000 shares on offer, according to NSE data.

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The non-institutional investors portion got subscribed a huge 222.14 times while the category for Qualified Institutional Buyers (QIBs) fetched 104.49 times subscription. Retail Individual Investors (RIIs) part attracted 39.49 times subscription.

The IPO has a fresh issue of 1.6 crore equity shares. The price band for the offer is fixed at Rs 95-105 per share.

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Prostarm Info Systems intends to utilise Rs 72.50 crore of the total IPO proceeds towards funding capital requirements of the company, Rs 17.95 crore for payment of debt, and the remaining capital will be used for achieving inorganic growth through unidentified acquisitions and other strategic initiatives, as well as for general corporate purposes.

The company is an integrated power solution provider, especially in UPS system lithium-ion battery packs and third-party power solution products, among others. It caters to a range of industries, including healthcare, aviation, research, BFSI, railways, defence, security, education, renewable energy, information technology and oil & gas.

It manufactures several power solution products under the Prostarm brand, such as UPS systems, inverter systems, lift inverter systems, solar hybrid inverter systems, lithium-ion battery packs, servo-controlled voltage stabilisers, and isolation transformers.

The firm operates three manufacturing facilities in Maharashtra. The company catered to more than 700 clients during FY24, including Larsen & Toubro Ltd, Tata Power Co. Ltd and Bajaj Finance Ltd.

The company's shares will be listed on the BSE and NSE.

Choice Capital Advisors is the book-running lead manager, and Kfin Technologies Ltd is the registrar to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)