Quality Power’s IPO: Key Insights and Updated Listing Timeline
Quality Power opened its subscription period from February 14 to February 18, generating considerable interest among investors. Initially, the company was slated to debut on the stock exchange on February 21, in accordance with the T+3 listing regulation. However, recent updates indicate that the anticipated listing date has shifted to Monday, February 24.
Subscription Process and Allotment
Following a competitive three-day bidding phase, the allotment of shares was finalized on February 20. Investors eagerly awaited the results, reflecting a balanced demand across various categories.
Quality Power IPO: Grey Market Performance
Before its official listing, the stock was observed trading at a Rs 2 discount in the grey market, hinting at a potential listing price of Rs 423 per share. This figure is slightly below the upper limit of the IPO’s pricing band, which was set at Rs 425.
Subscription Overview
The IPO attracted a moderate level of interest, achieving an overall subscription rate of 1.29 times by the closing day. Here’s a breakdown of the subscriptions by investor category:
- Retail Investors: Subscribed 1.82 times
- Qualified Institutional Buyers (QIB): Subscribed 1.03 times
- Non-Institutional Investors (NII): Subscribed 1.45 times
Key Highlights of the IPO
Quality Power successfully raised Rs 386.41 crore from anchor investors prior to the IPO, which occurred on February 13. The share price was set between Rs 401 and Rs 425, contributing to a total issue size of Rs 858.70 crore. This included a fresh issue amounting to Rs 225 crore (approximately 0.53 crore shares) and an Offer for Sale (OFS) worth Rs 633.70 crore (around 1.49 crore shares).
Pantomath Capital Advisors played a pivotal role as the lead manager, while Link Intime India managed the IPO’s registry operations.
Conclusion
As Quality Power prepares for its market debut on February 24, the dynamics of its IPO reflect both investor interest and cautious optimism amid a fluctuating market landscape. For those looking to engage with this upcoming listing, it’s crucial to stay updated on the latest developments as they unfold.
