Overview
- The IPO comprises a fresh issue of 1.6 crore equity shares priced at Rs 95–105 each to raise Rs 168 crore.
- Bidding closed on May 28 with total subscriptions rising from 3.54 times on day one to 4.65 times led by non-institutional investors.
- Grey market trades show a Rs 25 premium, implying a likely listing price near Rs 130, about 23.8% above the upper price band.
- Rs 72.5 crore of net proceeds will fund capital requirements, Rs 17.95 crore will repay debt and the remainder will support inorganic growth and corporate purposes.
- Prostarm, an integrated power-solutions provider with three Maharashtra plants, posted FY 2024 revenue of Rs 259.23 crore and net profit of Rs 22.8 crore while serving over 700 clients including Larsen & Toubro, Tata Power and Bajaj Finance.