Prostarm Info Systems IPO enters Day 2 on a strong note
The retail segment was subscribed 4.15 times, while the NII portion saw a robust 6.83x response.
Prostarm Info Systems Ltd IPO enters Day 2 on a strong note. The IPO, which came out with a price band of ₹95-105, was subscribed over 3.5 times on Day 1 itself, as retail investors and non-institutions subscribed heavily.
The initial public offering will conclude on May 29. As against an offer of 1.12 crore shares, the IPO has received bids for nearly 3.98 crore shares. The retail portion had been subscribed 4.15 times, and the NII segment was even more aggressive bidders 6.83 times. The QIB portion has been filled 0.05 times.
The IPO is entirely a fresh issue of 1.6 crore shares worth ₹168 crore, and the market lot is 142 shares.
The shares will be listed on the BSE and the NSE. KFin Technologies Limited has been appointed the official Registrar of the public issue.
Prostarm Info Systems intends to utilise ₹72.50 crore towards funding capital requirements, ₹17.95 crore for repayment/prepayment of all or a portion of certain outstanding borrowings and the remaining capital will be used for achieving inorganic growth through unidentified acquisitions and other strategic initiatives and for general corporate purposes.
The company on Monday raised ₹50.4 crore from anchor investors ahead of the public issue, according to the exchange filing. The anchor investor pool for the public issue comprises multiple firms, like Chattisgarh Investment Limited, Astrone Capital VCC ARVEN, Santosh Industries Limited, Steptrade Revolution Fund, Vikasa India, Abundantia Capital VCC, Swyom India Alpha Fund, and Meru Investment Fund, as per the filing data. However, domestic mutual funds were not allotted shares.
Prostarm Info is an integrated power solution company, especially in UPS system lithium-ion battery packs and third-party power solution products, among others. It caters to various industries, including healthcare, aviation, research, BFSI, Railways, defence, security, education, renewable energy, information technology and oil & gas. It manufactures several power solution products under the Prostarm brand, such as UPS systems, inverter systems, lift inverter systems, solar hybrid inverter systems, lithium-ion battery packs, servo-controlled voltage stabilisers, and isolation transformers. It also undertakes turnkey rooftop solar photovoltaic power plant projects on an EPC basis, as well as AMCs.
Choice Capital Advisors Private Ltd is the Book-Running Lead Manager, and KFIN Technologies Ltd is the Registrar of the offer.
Published on May 28, 2025
