Quality Power's Rs 859-crore IPO sails through on final day of issue, booked 1.29 times; check latest GMP

Quality Power IPO sailed through on the last day of bidding on February 18 amid strong subscription from QIBs and NIIs.

Quality Power's Rs 859-crore Initial Public Offering (IPO) sailed through on the last day of bidding on Tuesday amid strong subscription from Non Institutional and retail investors. The IPO is in a price range of Rs 401-425 per share.

The initial public offer of Quality Power Electrical Equipments Ltd received 1.29 times subscription on the day three of bidding on February 18, receiving bids for over 1.43 crore shares against 1.11 crore shares on offer, as per NSE data.

The quota for non-institutional investors garnered 1.45 times subscription while Retail Individual Investors (RIIs) part got subscribed 1.82 times. The category for Qualified Institutional Buyers (QIBs) received 1.03 times subscription. Earlier, the energy transmission equipment and technologies company has garnered over Rs 386 crore from anchor investors.

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Quality Power IPO GMP

According to market observers tracking the grey market activities, the shares of the company are commanding a flat GMP in the unofficial market, according to Investorgain.

Proceeds from the fresh issue would be utilised for acquisition of Mehru Electrical and Mechanical Engineers, funding capital expenditure requirements for purchasing plant and machinery.

Besides, the company will use the funds for inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

Quality Power IPO shares will be listed on the BSE and NSE on 21st February, while the allotment may take place on 19th February.

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