Quality Power Electrical Equipments, which offers high voltage electrical equipment and solutions, has decided to open its initial share sale for public subscription on February 14. It has filed red herring prospectus with the Registrar of Companies on February 6.
The price band for the offer is expected to be disclosed next week.
The anchor book of the IPO will be launched for institutional investors on February 13, while the public issue will close for all investors on February 18.
The company will finalise the IPO share allotment by February 20, while investors can start trading in Quality Power Electrical Equipments shares on the bourses effective February 24.
The IPO comprises of fresh issuance of equity shares worth Rs 225 crore, and an offer-for-sale of 1.49 crore shares by promoter Chitra Pandyan.
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Quality Power Electrical Equipments, which specialises in the provision of power products and solutions across power generation, transmission, distribution, and automation sectors, also offers equipment and solutions tailored for emerging applications such as large-scale renewables.
The global energy transition and power technology company competes with listed entities like Transformers & Rectifiers (India), Hitachi Energy India, and GE Vernova T&D India.
Also read: Ajax Engineering mobilises over Rs 379 crore via anchor book, of Rs 1,269-crore IPO
The Maharashtra-based firm will spend Rs 117 crore out of fresh issue proceeds for the acquisition of Mehru Electrical and Mechanical Engineers, and Rs 27.2 crore for purchase plant and machinery. Further, the remainder IPO funds will be used for inorganic growth, and other strategic initiatives and general corporate purposes.
Pantomath Capital Advisors is acting as the sole book running lead manager to the issue.
This will be the third IPO in the mainboard segment opening in February, after Ajax Engineering, and Hexaware Technologies.
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