The initial public offering of Epack Prefab Technologies is set to open for public bidding today, September 24. The Rs 504-crore issue will remain open till September 26.
The price band for the IPO has been set at Rs 194-204 per share.
Epack Prefab Technologies IPO GMP:
Ahead of listing, the unlisted shares of Epack Prefab Technologies were trading with nearly 7 percent grey market premium (GMP) over the IPO price at Rs 218 apiece, according to data on Investorgain. This is lower than the 9 percent GMP quoted by the site earlier last week.
According to IPO Watch, the unlisted shares of the company were trading with a little more than 7 percent GMP over the IPO price.
Key things to know about Epack Prefab Technologies IPO:
Epack Prefab Technologies moved to the capital markets to raise Rs 504 crore through a fresh issue of shares worth Rs 300 crore, and an offer for sale (OFS) of 1 crore shares worth Rs 204 crore by the existing promoters at a price band of Rs 194-204 per share.
Investors can bid for a minimum of 73 shares, requiring an investment of Rs 14,892, and in multiples thereafter. The allotments are likely to be finalized by September 29, and the shares are scheduled to be listed on stock exchanges on October 1.
In terms of issue allocation, 50 percent of the IPO has been reserved for qualified institutional buyers (QIBs), while 35 percent has been kept for retail investors, and the remaining 15 percent for non-institutional investors (NII).
How will IPO proceeds be used?
The company will use around Rs 103 crore from fresh issue proceeds for setting up new manufacturing facility in Alwar, Rajasthan for manufacturing of continuous sandwich insulated panels and pre-engineered steel building. Another Rs 58.17 crore has been earmarked for expansion of existing manufacturing facility at Mambattu (Unit 4) in Andhra Pradesh for increasing the pre-engineered steel building capacity.
Further, Rs 70 crore will be used for debt reduction, and the remaining amount for general corporate purposes.
Epack Prefab Technologies IPO Anchor Book:
A day before the IPO opened for public bidding, Epack Prefab Technologies announced that it has raised Rs 151.2 crore from 10 anchor investors on September 23.
Whiteoak Capital was the largest investor in the company, which acquiring 29.41 lakh shares through its six schemes for Rs 60 crore. Other marquee names like Morgan Stanley, 360 ONE, LC Pharos Multi Strategy Fund, Nuvama, Citigroup Global, and Sameeksha India also participated in the anchor book.
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