TD Power IPO subscribed 0.88 times on second day of issue

The initial public offer (IPO) of TD Power Systems was subscribed 0.88 times on the second day of the issue today.

The company's IPO received bids worth 66.85 lakh equity shares till 1700 hrs, as against 75.62 lakh shares on offer, as per the data available on the National Stock Exchange.

The company entered the capital market with an IPO price band of Rs 256-Rs 261 per equity share of Rs 10 each.

The issue, which opened for subscription yesterday, will close tomorrow.

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.