Prostarm Info Systems is set to make its Dalal Street debut on Tuesday, June 03. The power solutions player and inverter maker is likely to list at a decent premium if one goes by the signals from the current grey market premium (GMP) of the issue. However, it has seen a sharp correction of nearly 40 per cent from in premium in the unofficial market.
Last heard, Prostarm Info Systems was commanding a grey market premium of Rs 12 per share in the unofficial market, suggesting a listing gains of around 10-11 per cent for the investors. The GMP stood at Rs 20 per share on the last day of the bidding. The GMP has seen a 40 per cent fall since the closure of the issue.
The IPO of Prostarm Info Systems ran for bidding between May 27 and May 29. It had offered its shares in the price band of Rs 95-105 per share with a lot size of 142 shares. The company raised a total of Rs 168 crore via IPO, which was entirely a fresh share sale of 1,60,00,000 equity shares.
The issue was overall subscribed a solid 97.20 times, fetching over 17.54 lakh applications worth Rs 11,370 crore. The allocation for the qualified institutional bidders (QIBs) saw a strong subscription of 104.49 times. The portion for non-institutional investors (NIIs) booked subscribed 222.14 times. The quota of retail investors was booked 39.49 times during the bidding process.
Incorporated in 2008, Navi Mumbai-based Prostarm Info Systems is an Indian company specialising in designing, manufacturing, and selling energy storage and power conditioning equipment. It manufactures various power solution products, like UPS systems, inverter systems, solar hybrid inverter systems, lithium-ion battery packs and voltage stabilisers.
Brokerages were mostly positive on this issue. Choice Capital Advisors was the sole book-running lead manager of the Prostarm Info Systems IPO, while Kfin Technologies served as the registrar for the issue. Shares of the company shall be listed at the bourses on both BSE and NSE.
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