If you are thinking of betting in an IPO then there is news for you. Next week, the IPO of Quality Power Electrical EquipmentQuality Power Electrical Equipment, a high-voltage power equipment and solution provider, is coming up. The IPO will open for subscription on February 14. Investors can bet in it till February 18. The price band for the offer is expected to be revealed next week. It has filed a red herring prospectus with the Registrar of Companies on February 6. According to Investorgain.com, the company’s shares are already available in the grey market at a premium of Rs 135.
What are the details?
The anchor book of the IPO for institutional investors will be launched on February 13, while the public issue will close for all investors on February 18. The company will finalise the IPO share allotment by February 20, while investors can start trading in quality power electrical equipment shares on the stock market from February 24. The IPO comprises fresh issue of equity shares worth Rs 225 crore and an offer for sale of 1.49 crore shares by promoter Chitra Pandian.
Company Business:
Quality Power Electrical Equipments, which is active in the provision of power products and solutions in the power generation, transmission, distribution and automation sectors, also provides ready-made equipment and solutions for emerging applications such as renewable energy on a large scale. Global energy transformation and power technology company competes with listed entities such as Transformers & Rectifiers (India), Hitachi Energy India and GE Vernova T&D India.
The Maharashtra-based company will spend Rs 117 crore out of the issue price proceeds to acquire Mehru Electrical and Mechanical Engineers and Rs 27.2 crore for the purchase plant and machinery. In addition, the rest of the IPO funds will be used for inorganic development, and other strategic initiatives, and general corporate purposes. Pantomath Capital Advisors is acting as the sole book running lead manager for the issue. It will be the third IPO in the mainboard segment to open in February after Ajax Engineering and Hexaware Technologies.
