HPL Electric and Power IPO, which hit the capital markets on September 22, oversubscribed by 7.76 times on the last day of offer. The public offer has received bids for 11,20,30,310 shares against 1,44,40,001 shares offered by the company. The issue is being managed by SBI Capital Markets, ICICI Securities and IDFC Bank. The company is engaged in the business of manufacturing metering solutions, switchgears, lighting equipment and wires and cables, among others.
The portion reserved for qualified institutional buyers (QIB) was subscribed by 17.18 times while retail investor category got oversubscribed by 11.51 times. HNIs quota was oversubscribed by 210.72 times.
The company has already garnered Rs 108 crore from anchor investors by selling shares at the upper price band. The price band for the Rs 361-crore IPO has been fixed at Rs 175 to Rs 202 per share. The objective of the initial public offering is to utilise the net proceed for repayment of loans, funding working capital requirements and for other general corporate purposes. Shares of the company are proposed to be listed on NSE and BSE both.
HPL Electric had reported 11.7 per cent and 6.5 per cent annual (CAGR) revenue and profitability growth, respectively, in the past five financial years.