Epack Durable IPO subscribed 16.37 times, HNI portion 28x on final day

Epack Durable IPO: The price band for the offer has been fixed at Rs 218-230 per share

The public issue of Epack Durable was subscribed 16.37 times so far on January 24, the final day of bidding, as investors picked up 32.7 crore equity shares against an offer size of 1.99 crore shares.

High net-worth individuals (HNIs) remained at the forefront, buying 28.1 times the allotted quota, and retail investors picked up 6.29 times the portion set aside for them, while the part reserved for qualified institutional buyers was booked 25.5 times.

The Epack public issue was supposed to close on January 23 but was extended by a day after January 22 was declared as a public holiday for the Ram Mandir opening.

Also read: EPACK Durable's Rs 640-crore IPO closes today: Should you subscribe to the issue?

The Uttar Pradesh-based original design manufacturer of room air conditioners, which launched the IPO on January 19, aims to raise Rs 640.05 crore from the public. It is a mix of a fresh issuance of shares worth Rs 400 crore and an offer-for-sale of 1.04 crore shares worth Rs 240.05 crore by the existing shareholders.

The price band for the offer has been fixed at Rs 218-230 per share. Ahead of the issue, the company raised Rs 192.02 crore through its anchor book on January 18.

Societe Generale, Integrated Core Strategies (Asia), Copthall Mauritius Investment, HDFC Mutual Fund, SBI Life Insurance Company, HDFC Life Insurance Company, and Aditya Birla Sun Life Insurance Company were some of the investors participated in the anchor book.

Also read: Nova Agritech IPO: Should you subscribe to Rs 143.8-crore issue?

The Bothra and Singhania-promoted company will utilise Rs 230 crore of the net fresh issue proceeds for the expansion of manufacturing facilities, and Rs 80 crore for repaying debts, besides general corporate purposes.