Quality Power Electrical IPO listing today. Here's what GMP indicates ahead of debut
The muted GMP is in line with the trend seen in IPOs in the recent past, where many companies are struggling to find enough premium in the grey market.
The IPO, which was offered at Rs 425 apiece, included a fresh equity sale of 52.9 lakh shares and an offer for sale (OFS) of 1.49 crore shares. On valuation, at the upper price band, the issue asked for a market cap of Rs 3291 crore.
The issue was subscribed by just over 1.2 times at close.
The company proposes to utilise the net proceeds towards funding payment of the purchase consideration for the acquisition of Mehru Electrical and Mechanical Engineers, capital expenditure requirements, funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.
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