IPO News: Power Transmission Equipment and Power Technology Company Quality Power has fixed Rs 401-425 per share for its 859 crore rupees for the initial public issue (IPO). According to the company, the IPO will open on 14 February and will be closed on 18 February. Big (anchor) investors will be able to bid on 13 February. The IPO is a combination of new shares up to Rs 225 crore and a sale of 1.5 crore shares (about 634 crore) (OFS). The size of the issue at the upper end of the price scope is Rs 859 crore. Chitra Pandian, the promoter in the sales offer, will sell his shares. The Pandian family holds a 100 percent stake in the quality power in Maharashtra. The amount received from the new issue will be used to fulfill the acquisition of Mehru Electrical and Mechanical Engineers Private Limited and to meet capital expenditure requirements for purchasing plants and machines.
1 lot 26 shares in IPO
Lot Size is 26 equity share for quality power IPO. In the IPO, Quality Power has reserved 75% shareable institutional buyers (QIBs) in public issue, 15% for non-institutional institutional investors (NIIs) and 10% offer for retail investors. Possibly, the allocation of shares of quality power IPO will be decided on Wednesday, February 19 and the company will start the refund on Thursday, February 20, while the share will be deposited in the demat account of the allottees on the same day after the refund. The share price of quality power is expected to be listed on BSE and NSE on Friday, 21 February.
What is going on now GMP?
Quality Power IPO currently has GMP ₹ 60. With a price band of 425.00, the estimated listing price of quality power IPO is ₹ 485 (Cap Price + Today’s GMP). The expected percentage profit/loss per share is 14.12%. Quality power electrical equipment works in the field of energy transition technology and electrical solutions. The company creates high-voltage equipment required for high voltage direct current (HVDC) and Flexible AC Transmission System Network, which supports the integration of renewable energy sources in the power grid.
Latest business news
