HPL Electric & Power will make its stock market debut tomorrow after successfully completing its Rs 361-crore initial public offering (IPO) last week.
The company’s IPO was oversubscribed a little over eight times during September 22-26. The quota reserved for qualified institutional buyers (QIBs) was oversubscribed 5.77 times while for non-institutional investors, it was 22.20 times.
The retail investor portion saw 3.31 times subscription.
The price band for the IPO was fixed at Rs 175-202 per share.
Proceeds of the issue will be utilised for repayment of loans, funding working capital requirements and other general corporate purposes.
Shares of the company will be listed on BSE and NSE. The issue was managed by SBI Capital Markets, ICICI Securities and IDFC Bank.
HPL Electric makes metering solutions, switch gears, lighting equipment and wires and cables, among others.