Shivalic Power Control IPO subscribed 8 times on Day 1 led by retail investors

The initial public offering (IPO) of Shivalic Power Control Ltd was subscribed over 8.3 times at the end of the first day of bidding on Monday, June 24. The Shivalic Power Control IPO, valued at ₹64.32 crore, is a book-built issue consisting of a fresh issue of 64.32 lakh shares. The IPO shares are scheduled to be listed on the NSE SME platform.

The retail category of the IPO saw a subscription rate of 13.60 times, while the Non-Institutional Investor (NII) category subscribed 5.55 times. The public issue’s Qualified Institutional Buyer (QIB) category saw a subscription of 1.40 times.

QIBs subscribed to 17.18 lakh shares out of the available 12.19 lakh. NIIs also showed strong interest, subscribing to 50.80 lakh shares against the 9.14 lakh shares on offer. Retail Investors demonstrated the highest enthusiasm, with a subscription of 2.90 crore shares compared to the available 21.33 lakh shares.

Overall, Shivalic Power Control received bids for 3.58 crore shares against the available 42.67 lakh shares.

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In the Shivalic Power Control IPO, 3.36 lakh shares have been reserved for the market maker, while up to 18.28 lakh shares were allocated for anchor investors.

Shivalic Power Control IPO key dates

The IPO is open for subscription until Wednesday, June 26. The basis of allotment for the IPO will be determined on Thursday, June 27.

Following the allotment, the initiation of refunds for those who did not receive shares will begin on Friday, June 28. The credit of shares to the demat accounts of successful allottees will also be initiated on the same date.

The listing date for the Shivalic Power Control IPO has been set for Monday, July 1.

Shivalic Power Control IPO price band and other details

The price band for the Shivalic Power Control IPO has been set between ₹95 and ₹100. Investors are required to apply for a minimum lot size of 1,200 shares, translating to a minimum investment of ₹1.20 lakh for retail investors. High Net-Worth Individuals (HNIs) have a higher minimum investment requirement, needing to purchase at least two lots, or 2,400 shares, which amounts to ₹2.40 lakh.

Corporate Capitalventures Pvt Ltd has been appointed as the book-running lead manager for the Shivalic Power Control IPO, while Skyline Financial Services Private Ltd has been designated as the registrar. Serving as the market maker for the IPO is Ss Corporate Securities.

Shivalic Power Control IPO objectives

Shivalic Power Control Limited plans to use the net proceeds from the IPO to meet several objectives, focusing on strategic growth and operational enhancement. The company plans to use a portion of the net proceeds to meet its working capital requirements and cover capital expenditures.

A portion of the funds will be allocated for the procurement of new machinery and undertaking civil construction for a warehouse roof. Additionally, the company aims to support growth through potential acquisitions and address general corporate expenses.

About Shivalic Power Control Limited

Established in 2004, Shivalic Power Control Limited is engaged in manufacturing a wide range of electric panels. The company works with organisations such as L&T, Siemens, Schneider Electric and TDK to produce fully type-tested panels. Shivalic Power Control Limited caters to over 15 industrial sectors across India and international markets including Nepal, Bangladesh, Uganda, Kenya, Nigeria and Algeria.

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