Om Power Transmission IPO Opens with 6% Subscription on Day 1
Om Power Transmission IPO Day 1: Subscribed 6% in early bids; Check GMP and other details
The Economic Times
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Om Power Transmission's initial public offering (IPO) valued at ₹150.06 crore opened for subscription, achieving a 6% overall subscription on its first day. The retail segment showed a stronger interest at 11%. The IPO is expected to list on the BSE and NSE on April 17.
- 01IPO valued at ₹150.06 crore with a subscription of 6% on Day 1.
- 02Retail investors showed stronger interest with an 11% subscription.
- 03Expected listing price is around ₹182, reflecting a 4% premium over the issue price.
- 04Proceeds will support business expansion and debt repayment.
- 05The company has a robust order book of approximately ₹744 crore.
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Om Power Transmission's IPO, valued at ₹150.06 crore (roughly $18 million USD), opened for subscription today, achieving a 6% subscription rate in the early hours. The retail segment performed better, with an 11% subscription on the 60.02 lakh shares available. The IPO will remain open until April 13, with shares expected to list on the BSE and NSE on April 17. The grey market indicates a modest listing price of around ₹182, which is a 4% premium over the issue price of ₹175. The IPO comprises a fresh issue of ₹133 crore and an offer for sale (OFS) of ₹17 crore. Proceeds from the IPO will be utilized for business expansion, with ₹55 crore allocated for working capital, ₹25 crore for debt repayment, and ₹11 crore for capital expenditures. Om Power Transmission is an EPC company specializing in power transmission infrastructure, with a strong order book of approximately ₹744 crore across 58 projects.
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The IPO's performance may influence investor confidence in the power transmission sector, potentially affecting future investments and job creation in the industry.
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