+
Om Power Transmission Lists at Six Per Cent Premium
POWER & RENEWABLE ENERGY

Om Power Transmission Lists at Six Per Cent Premium

Shares of Om Power Transmission made a positive debut on the National Stock Exchange, listing at Rs 186 per share on Friday and reflecting a premium of Rs 11 or six point three per cent over the issue price of Rs 175 per share. The stock advanced further in early trade and touched a high of Rs 193, representing an increase of nearly four per cent from the issue price. Market participants described the initial momentum as constructive for the companys public market entry.

On the Bombay Stock Exchange the shares began trading at Rs 181.10 apiece, up Rs 6 or three point five per cent, and the listing outcome outperformed grey market expectations. Unlisted shares had been quoted at Rs 177 apiece, implying a grey market premium of one point one per cent, according to observers who track unofficial activity. The stronger listing relative to grey market indications suggested firmer demand on listing day.

The initial public offering raised Rs one point five billion (bn) and comprised a book-built fresh issue of seven point six million (mn) equity shares aggregating to Rs 1.3256 bn alongside an offer for sale of one million shares worth Rs 175 mn by promoter shareholders. The issue had been priced in the band of Rs 166 to Rs 175 per share with a lot size of 85 shares and attracted bids for 19.97 million shares against six million shares on offer, resulting in an overall subscription of 3.33 times. Demand was led by non-institutional investors, who subscribed their tranche 7.06 times, with qualified institutional buyers subscribing 3.65 times and retail investors 1.54 times.

The basis of allotment was finalised on Wednesday, April 15, and the company fixed the issue price at Rs 175 per share. MUFG Intime India acted as registrar and Beeline Capital Advisors served as sole book-running lead manager for the offering.

The red herring prospectus indicated that the company planned to allocate Rs 112 mn from net proceeds for capital expenditure on machinery and equipment, Rs 250 mn for repayment of debt and Rs 550 mn for long-term working capital, with remaining funds earmarked for general corporate purposes. The prospectus further clarified that proceeds from the offer for sale would accrue to the selling promoters and would not form part of the companys net proceeds.

Shares of Om Power Transmission made a positive debut on the National Stock Exchange, listing at Rs 186 per share on Friday and reflecting a premium of Rs 11 or six point three per cent over the issue price of Rs 175 per share. The stock advanced further in early trade and touched a high of Rs 193, representing an increase of nearly four per cent from the issue price. Market participants described the initial momentum as constructive for the companys public market entry. On the Bombay Stock Exchange the shares began trading at Rs 181.10 apiece, up Rs 6 or three point five per cent, and the listing outcome outperformed grey market expectations. Unlisted shares had been quoted at Rs 177 apiece, implying a grey market premium of one point one per cent, according to observers who track unofficial activity. The stronger listing relative to grey market indications suggested firmer demand on listing day. The initial public offering raised Rs one point five billion (bn) and comprised a book-built fresh issue of seven point six million (mn) equity shares aggregating to Rs 1.3256 bn alongside an offer for sale of one million shares worth Rs 175 mn by promoter shareholders. The issue had been priced in the band of Rs 166 to Rs 175 per share with a lot size of 85 shares and attracted bids for 19.97 million shares against six million shares on offer, resulting in an overall subscription of 3.33 times. Demand was led by non-institutional investors, who subscribed their tranche 7.06 times, with qualified institutional buyers subscribing 3.65 times and retail investors 1.54 times. The basis of allotment was finalised on Wednesday, April 15, and the company fixed the issue price at Rs 175 per share. MUFG Intime India acted as registrar and Beeline Capital Advisors served as sole book-running lead manager for the offering. The red herring prospectus indicated that the company planned to allocate Rs 112 mn from net proceeds for capital expenditure on machinery and equipment, Rs 250 mn for repayment of debt and Rs 550 mn for long-term working capital, with remaining funds earmarked for general corporate purposes. The prospectus further clarified that proceeds from the offer for sale would accrue to the selling promoters and would not form part of the companys net proceeds.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

BMW Ventures Secures Rs 249.83 Million (mn) Steel Orders

BMW Ventures Limited said it has secured two purchase orders totalling Rs 249.83 million (mn) from Lata Projects Limited for the supply of TMT steel FE-550D grade for three units of 800 megawatt (MW) capacity at the USCTPP Adani project. The orders were disclosed to the stock exchanges under Regulation 30 of the SEBI Listing Regulations and carry a contract value inclusive of all taxes.\n\nThe company stated that the orders will be executed within eight weeks from the date of the purchase orders and that the contract provides for 100 per cent advance payment with specified guarantees. The supp..

Next Story
Real Estate

Housing Sales Dip in Top Eight Cities in Q2, Pune and Bengaluru Hit Hard

Housing sales across the top eight cities fell six point one per cent year-on-year to 91,729 units in the April-June quarter from 97,674 a year earlier, PropTiger’s Real Insight Residential report showed. The moderation reflected seasonal pre-monsoon effects and heightened buyer caution amid the US-Iran conflict. New launches rose six per cent to 89,161 units. The impact was concentrated in technology-driven markets, with Pune and Bengaluru among the hardest hit. Pune recorded the steepest annual decline at 20.8 per cent, with sales falling to 12,642 units, while Ahmedabad declined 20.2 per ..

Next Story
Infrastructure Urban

India And ADB Sign US$230 Million Loan To Modernise Chennai Water

The Government of India and the Asian Development Bank (ADB) signed a US$230 million loan to modernise and expand water supply and sanitation infrastructure in Chennai. Saurabh Singh, Deputy Secretary, Department of Economic Affairs (DEA), signed on behalf of the Government of India and Mio Oka, Country Director of ADB’s India Resident Mission, signed for the lender. The engagement was guided by Baldeo Purushartha, Joint Secretary (ADB and Japan), DEA. The Chennai Climate-Resilient Water Security and Sewerage Project aims to improve access to safe and reliable water and sanitation citywide w..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code