Quality Power IPO fully subscribed on day 3; check allotment and listing date

Quality Power IPO: The initial public offering of Quality Power Electrical Equipments has been fully subscribed on Tuesday, February 18, the third day of bidding.

According to the NSE data, the initial share sale received bids for 1,12,13,046 shares as against 1,11,12,530 equity shares on offer, leading to 1.01 times subscription until 1:34 pm.

Retail individual investors subscribed their portion 1.49 times as they applied for 30,02,220 shares as against 20,20,460 shares on offer.

Non-institutional investors submitted applications for 37,41,556 shares compared to 30,30,690 shares on offer, leading to 1.23 times subscription.

Qualified institutional buyers (QIBs) quota has been subscribed 74%. They bid for 44,69,270 shares as against 60,61,380 shares reserved for them.

The ₹858.70 crore IPO consists of a fresh issue of shares valued at ₹225 crore and an offer-for-sale (OFS) component of 1.5 crore shares aggregating to ₹634 crore.

The funds generated will be used for the acquisition of Mehru Electrical and Mechanical Engineers, capital expenditure needs, organic growth, and general corporate purposes.

The price range is set at ₹401 to ₹425 per share. The minimum lot size is 26 shares.

Before the public offer, the company mobilised ₹386.41 crores from anchor investors, including LIC Mutual Fund (MF), Maybank Securities, Bank of India MF, Bharat Value Fund, SBI General Insurance, Bengal Finance & Investments, Abans Finance, India Inflection Opportunity Fund and Kotak Iconic Fund.

Quality Power IPO: Allotment and listing date

Quality Power Electrical Equipments Limited offers high-voltage electrical solutions.