EPACK Durable IPO opens today: From price band to key dates - here are top 10 things to know
- EPACK Durable IPO is a book built issue of ₹640.05 crore. The issue is a combination of a fresh issue component and offer for sale.
EPACK Durable IPO: The mainboard initial public offering (IPO) of air conditioner (AC) manufacturer EPACK Durable will open for subscription today, January 19, 2024. The company is the second largest room air conditioner (RAC) original design manufacturer (ODM) in India in terms of the number of units (indoor + outdoor) manufactured in fiscal 2023 through the ODM route, according to EPACK Durable's red herring prospectus (RHP).
The company also manufactures components such as sheet metal parts, injection moulded parts, cross-flow fans, and PCBA components that are actively used in the production of RACs. The company has expanded its business into the small domestic appliance (SDA) market, particularly given the seasonal demand for RACs, and is currently developing and producing induction hobs, blenders, and water dispensers.
The company is a customer-focused enterprise and maintains specialised research and development facilities in Greater Noida, Bhiwadi, and Dehradun. These facilities are furnished with a range of apparatus, including endurance test laboratories for RACs and SDAs, induction coils that function as automatic voltage testers and breakdown testers, needle flame testers, and customised glow wire testers.
Here are top 10 things to know about EPACK Durable IPO:
1.EPACK Durable IPO key dates: EPACK Durable IPO opens for subscription on January 19, 2024 and closes on January 23, 2024.
2.EPACK Durable IPO price band: EPACK Durable IPO price band is set at ₹218 to ₹230 per equity share of the face value of ₹10 each.
3.EPACK Durable IPO Details: EPACK Durable IPO is a book built issue of ₹640.05 crore. The issue is a combination of fresh issue of 1.74 crore shares aggregating to ₹400 crore and offer for sale (OFS) of 1.04 crore shares aggregating to ₹240.05 crore. In the OFS, 51.75 lakh shares valued at ₹119 crore, belonging to the promoter group, will be sold by them.
4.EPACK Durable IPO Lot Size: The EPACK Durable IPO lot size is 65 equity shares and in multiples of 65 equity shares thereafter. The floor price is 21.8 times the face value of the equity shares, and the cap price is 23.0 times the face value of the equity shares.
5.EPACK Durable IPO Objectives: The company plans to use the net proceeds from the new issue to finance the following goals: financing capital expenditures for the establishment or expansion of manufacturing facilities; repaying and/or prepaying some outstanding company loans, either in full or in part; and general corporate purposes.
“In addition, our company expects to receive the benefits of listing of equity shares on the stock exchanges including enhancing our visibility and our brand image among our existing and potential customers and creating a public market for our equity shares in India," the company said in its RHP.
6.EPACK Durable IPO reservation: EPACK Durable IPO has reserved not more than 50 per cent of the shares in the public issue for qualified institutional buyers (QIB), not less than 15 per cent for non-institutional Institutional Investors (NII), and not less than 35 per cent of the offer is reserved for retail investors.
7.EPACK Durable IPO allotment date and listing date: EPACK Durable IPO basis of allotment of shares will be finalised on Wednesday, January 24, and the company will initiate refunds on Thursday, January 25, while the shares will be credited to the demat account of allottees on the same day following refund. EPACK Durable share price is likely to be listed on BSE and NSE on Monday, January 29.
8.Lead Manager and Registrar of EPACK Durable IPO: The book running lead managers of EPACK Durable IPO are Axis Capital Limited, DAM Capital Advisors Limited, and ICICI Securities Limited, while the registrar is KFin Technologies Limited.
9.EPACK Durable peer comparison: The company's listed peers are Amber Enterprises India Ltd (with a P/E of 66.28), PG Electroplast Limited (with a P/E of 67.27), Dixon Technologies (India) Ltd (with a P/E of 139.96), and Elin Electronics Ltd (with a P/E of 24.28), as per RHP.
10.EPACK Durable IPO GMP today: EPACK Durable IPO GMP or grey market premium was ₹31. This indicates that EPACK Durable share price were trading at a premium of ₹31 in the grey market, according to investorgain.com. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of EPACK Durable was indicated at ₹261 apiece, which is 13.48 per cent higher than the IPO price of ₹230. 'Grey market premium' indicates investors' readiness to pay more than the issue price.
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