Quality Power IPO: Firm mobilises over Rs 386 crore via anchor book, of Rs 859-crore offer
Quality Power Electrical Equipments, the high-voltage electrical equipment and solutions provider, has raised Rs 386.41 crore from 21 institutional investors via anchor book on February 13, a day before the issue opening.
The initial share sale will open for public subscription on February 14 and close on February 18. The company will finalise the IPO share allotment by February 19, while the trading in Quality Power shares will commence on the bourses effective February 21.
The Maharashtra-based company in its filing to exchanges said it has finalised allocation of 90,92,070 equity shares to anchor investors at a price of Rs 425 per equity share.
Marquee institutional investors including LIC Mutual Fund, Bank of India Mutual Fund, Maybank Securities, Ashish Kacholia-owned Bengal Finance & Investments, India Inflection Opportunity Fund, Kotak Iconic Fund, Mint Focussed Growth Fund, Bharat Value Fund, SBI General Insurance Company, Steptrade Revolution Fund, Benani Capital Scheme, Universal Sompo General Insurance Company, and IMAP India Capital Investment Trust invested in the company via anchor book.
Amongst them, LIC MF through its eight schemes and Bank of India Mutual Fund via three schemes picked 18.82 lakh shares worth Rs 79.99 crore in Quality Power.
The company intends to mobilise Rs 858.70 crore via maiden public issue at a price of Rs 425, the upper end of price band of Rs 401-425 per share.
The IPO is a combination of fresh issuance of equity shares worth Rs 225 crore, and an offer-for-sale of 1.49 crore shares worth Rs 633.7 crore by the existing shareholders.
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The company will spend fresh issue funds for the acquisition of Mehru Electrical and Mechanical Engineers, and purchase of plant and machinery. Further, the IPO money will also be utilised for inorganic growth through unidentified acquisitions, and general corporate purposes.
Incorporated in 2001, Quality Power provides high voltage electrical equipment and solutions for electrical grid connectivity and energy transition, specialising in power products and solutions across power generation, transmission, distribution, and automation sectors.Pantomath Capital Advisors is the sole book running lead manager handling the public issue.
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