TD Power Systems IPO opens for subscription

The Rs 227-crore IPO of TD Power Systems, a manufacturer of AC Generators with output capacity in the range of 1 MW to 52 MW, has opened for subscription today.

The company has fixed price band for the issue, which closes on August 26, at Rs 256-261 per equity share.
The company proposes to utilize the net 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. It also proposes to utilize part of the net proceeds to repay debt, fund working capital requirements and for other general corporate purposes.
In addition to manufacturing AC Generators, the company also executes Turbine Generator (TG) island projects for steam turbine power plants with output capacity up to 52 MW using a Japanese turbine combined with TD Power generator.
As of June 30, 2011 the company has completed a total of 92 TG island projects with an aggregate output capacity of 1,799 MW in India, Uganda, Kenya, Zambia and Philippines. As June 30, 2011, the company