New Delhi: The initial public offering (IPO) of HPL Electric and Power Pvt. Ltd was subscribed 29% on the second day of the bidding on Friday.
The IPO received bids for 41,65,910 shares as against the total issue size of 1,44,40,001, data available with NSE till 5pm showed.
The quota reserved for qualified institutional buyers (QIBs) was subscribed 36% while for non-institutional investors it was 1%. The retail investor portion was subscribed 37%.
HPL Electric has already mopped up Rs108 crore from anchor investors by selling shares at Rs202 apiece. The price band for the Rs361 crore IPO has been fixed at Rs175-202 per share. The IPO will close on 26 September.
Proceeds of the issue will be used to repay loans, fund working capital requirements and for other general corporate purposes. The shares of the company will be listed on BSE and NSE.
The issue is being managed by SBI Capital Markets, ICICI Securities, and IDFC Bank. HPL Electric makes metering solutions, switchgears, lighting equipment and wires and cables, among others.