Inverter maker Prostarm Info Systems' IPO to open on May 27: Check size, price band, allotment date

Prostarm Info Systems IPO

Leading UPS and inverter maker Prostarm Info Systems will hit Dalal Street with its Rs 168 crore initial public offering on May 27, making it the third IPO next week along with Schloss Bangalore and Aegis Vopak Terminals.

The IPO consists entirely of fresh issue of 1.6 crore equity shares with no offer-for-sale component at a price band of Rs 95-105 per share.

The anchor book of the public issue will open on May 26, and the issue closes for public subscription on May 29, followed by the IPO share allotment finalisation on May 30. Investors can start trading in Prostarm Info Systems shares on the bourses effective from June 3.

The Maharashtra-based company manufactures energy storage and power conditioning equipment including UPS, inverter, lift inverter, solar hybrid inverter, lithium-ion battery packs, servo-controlled voltage stabilisers and isolation transformers. It also deals in third-party power solution products and undertakes rooftop solar photovoltaic power plant projects across India on EPC basis.

The IPO proceeds will be used mainly for working capital requirements, repaying of debt, and inorganic growth.

Investors can bid for a minimum of 142 equity shares and in multiples of 142 shares thereafter. Half of the public issue size has been reserved for qualified institutional buyers, 35 percent for retail investors and the remainder 15 percent for non-institutional investors.

Choice Capital Advisors is acting as the sole book running lead manager for Prostarm Info Systems IPO.