Prostarm info systems IPO: The ₹ 168 crore IPO of Prostaram Info Systems, which makes Maharashtra’s power solution product, will open for subscription from May 27. However, the company has raised Rs 50.4 crore from anchor investors a day before the IPO opens. Prostaram Info Systems produces power solution products such as UPS and Inverter. The company has brought its IPO to raise ₹ 168 crore in lieu of 1.6 crore new equity shares.
Big amount received from anchor investors
Prostarm Info Systems has informed the exchanges that they have allotted 48 lakh equity shares to anchor investors at Rs 105 per equity shares on 26 May. With this, the company has received Rs 50.4 crore. A total of eight institutional investors participated in the anchor book, including Chhattisgarh Investment, Astron Capital, Stapped Revolution Fund, Abundantia Capital and Swayom India Alpha Fund. Let us know that anchor investors are big investors who make the shares deal before opening the IPO, which gives the IPO support before coming to the market.
This is the full detail of IPO
The Price Band of Prostaram Info Systems IPO has been fixed at Rs 95-105 per share. The minimum lot of lot size for application is 142 shares. Retail investors can bid for this with an investment of Rs 14910. Will open for subscription on 27 May and will close on 29 May. The allotment of shares will be on Friday, 30 May. The Prostaram Info Systems will be listed on IPO BSE, NSE and a possible date of listing has been fixed on Tuesday, June 3.
The Choice Capital Advisors Book is working as the lead manager for the Prostarm Info Systems IPO.
What will the company do for the money received from IPO?
The company will use the money received from the IPO to meet many needs. These money will be used mainly for meeting the needs of working capital, repaying debt and many acquisitions for their development.
