Quality Power Electrical IPO: Issue subscribed 77% so far on day 2; check price band, lot size and key dates

Quality Power Electrical IPO: The initial share sale of Quality Power Electrical Equipments Ltd has been subscribed 77% so far on Monday, February 17, the second day of bidding.

The initial public offer received bids for 85,87,956 shares against 1,11,12,530 shares on offer until 1:23 pm.

The retail portion of the IPO was subscribed 87% as they applied to 17,60,642 shares as against 20,20,460 shares on offer.

The non-institutional investors (NIIs) segment was booked 1.02 times. They submitted applications for 30,89,944 shares compared to 30,30,690 shares reserved for them.

The qualified institutional buyers (QIBs) subscribed 62% of their allocated quota, bidding for 37,37,370 shares against 60,61,380 shares on offer.

The price band has been set at ₹401 to ₹425 per share, and the bid size for an application is 26 shares.

Quality Power Electrical IPO: Use of IPO proceeds

The money raised will be used for the following objects;

• To acquire Mehru Electrical and Mechanical Engineers Pvt Ltd
• Capital expenditure on plant and purchase of machinery
• General corporate purposes and strategic initiatives

Quality Power Electrical IPO: Allotment and listing date

The allotment of Quality Power Electrical shares is expected on Wednesday, February 19. The shares are scheduled to be listed on the BSE and the National Stock Exchange (NSE) on Friday, February 21.

Pantomath Capital Advisors is the lone book-running lead manager for the offer, while Link Intime India is the registrar.

Quality Power Electrical Equipments Ltd offers high-voltage electrical solutions, including high-voltage direct current (HVDC) and flexible AC transmission systems (FACTS) for power generation, transmission and renewable energy integration.