Quality Power Electrical Equipments Ltd. has announced that its initial public offering (IPO) will open for subscription on February 14. The company, which provides high-voltage electrical equipment and solutions, filed its red herring prospectus with the Registrar of Companies on February 6.
The issue price band will be revealed later in the week. Anchor bidding will begin from February 13, and issue closure for all investors will be on February 18. Allotment will be on February 20, and the listing of the issue in the exchanges will be on February 24.
The IPO will involve a new issue of equity worth ₹225 crore and an offer-for-sale (OFS) for 1.49 crore shares of group promoter Chitra Pandyan. It generates, transmits, distributes, and automates power and also provides solutions for high-ticket renewable energy projects.
Quality Power competes with publicly traded entities such as Transformers & Rectifiers (India), Hitachi Energy India, and GE Vernova T&D India.
The Maharashtra-based player will use issue proceeds worth ₹117 crore for purchasing Mehru Electrical and Mechanical Engineers and ₹27.2 crore for purchasing new plant and machinery. The rest will go towards general corporate expenses and strategic expansion and purchases.
Pantomath Capital Advisors will alone function in its role of book-running lead manager for the issue. It will become the third mainboard IPO in February, after Ajax Engineering and Hexaware Technologies.
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Source: Moneycontrol.
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