The initial public offering (IPO) of Power Mech Projects received a tumultuous welcome from investors, particularly the non-retail category. The IPO, which was subscribed 38 times, will see the company mop up ₹273 crore.
As against an offer of 29.88 lakh shares, it received bids for 11.37 crore shares, exchange data till 6.00 p.m. has revealed.
The price band for the issue has been fixed at ₹615-640 a share.
Ahead of the IPO, the company had raised ₹82 crore from anchor investors, including DSP BlackRock India TIGER Fund, Morgan Stanley Mauritius Company, Tata AIA Life Insurance Company and L&T Mutual Fund.
The company will use the proceeds of the issue to expand its global presence and meet working capital requirements.
According to the NSE, the qualified institutional buyers’ portion was subscribed 16.79 times while the non-institutional portion received overwhelming response of 45.46 times. The retail investors’ portion was subscribed 0.98 times.
Power Mech is engaged in three business verticals, including erection, testing and commissioning of boilers, turbines and generators and balance of plant (BOP) for power sector, operation and maintenance and civil works.
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