Overview
- The Rs168-crore IPO was oversubscribed 97.2 times overall, with non-institutional investors booking 222.14 times, qualified institutional buyers 104.49 times and retail investors 39.49 times.
- Shares debuted at Rs125 on the BSE, a 19.05% premium to the Rs105 issue price, and at Rs120 on the NSE, then closed with a 20.05% gain on the BSE and hit the 20% upper circuit on the NSE.
- Prostarm Info Systems sold 1.6 crore fresh equity shares in a price band of Rs95-105 apiece, with a minimum application lot of 142 shares.
- The company operates three manufacturing facilities in Maharashtra and serves over 700 clients, including Larsen & Toubro, Tata Power and Bajaj Finance.
- It will allocate Rs72.5 crore of IPO proceeds to capital expenditure, Rs17.95 crore for debt repayment and the remainder to support inorganic growth and general corporate purposes.