Shares of Epack Durable will be listed at the bourses on Tuesday. The issue was subscribed 16.37 times, thanks mainly to high net worth individuals and qualified institutional buyers (QIBs). The ₹640-crore issue came out with a price band of ₹218-230.
Marketmen expect the stock to list on a flat note.
While the retail investors’ portion was subscribed 6.30 times, the quota for non-institutions was bid 28.10 times, and that for QIBs 25.50 times.
The IPO was a combination of fresh issue worth ₹400 crore and an offer-for-sale (OFS) of 1.3 crore equity shares by the promoters, promoter group members, and existing shareholders.
Under the OFS, the India Advantage Fund S4 I and Dynamic India Fund S4 US1 will offload shares, apart from promoters.
Epack Durable, an outsourced design manufacturer of air-conditioners, mobilized ₹192 crore from anchor investors as part of the IPO exercise. Among the marquee investors were Societe Generale, Copthall Mauritius Investment Ltd, Integrated Core Strategies (Asia) Pte Ltd, SBI Life Insurance Company, SBI General Insurance Company, HDFC Life Insurance Company, Bajaj Allianz Life Insurance Company, Aditya Birla Sun Life Insurance Company and HDFC Mutual Fund.
Proceeds of the fresh issue will be utilized for funding capital expenditure for setting up manufacturing facilities, payment of loans, and general corporate purposes.