TD Power IPO over subscribed 2.92 times on final day

The initial public offer (IPO) of TD Power Systems was over subscribed 2.92 times on the last day of the issue today.

The company's IPO received bids worth 2.2 crore equity shares till 1700 hrs, as against 75.62 lakh shares on offer, as per the data available with the National Stock Exchange.

The company has fixed an IPO price band of Rs 256-Rs 261 per equity share.

Air-conditioner generator manufacturer TD Power Systems aims to raise around Rs 227 crore through IPO for expansion and debt repayment.

The company proposes to utilise the proceeds of the issue mainly to finance the expansion of the existing manufacturing plant in Dabaspet, Bangalore and for the construction of a project office in Bangalore.

The net proceeds of the issue will also be utilised for repayment of debt, fund working capital requirements and for other general corporate purposes.

The company's clientele comprises companies operating in cement, steel, paper, chemical, metals, sugar co-generation, bio-mass power plants and hydro-electric power plants.

Enam Securities is the global coordinator and book running lead manager for the Issue. Antique Capital Markets and Equirus Capital are the book running lead managers for the issue.