Om Power Transmission shares off to a decent start, list at 6% premium over IPO price on NSEAI Quick ReadOm Power Transmission listing: Shares of Om Power Transmission were off to a firm start as they listed at a premium of up to 6% in the Indian stock market on Friday, April 17.
Om Power Transmission share price debuted 6.29% higher at ₹186 on the NSE as against the initial public offering (IPO) price of ₹175. Meanwhile, on BSE, Om Power Transmission shares listed at 181.10, a premium of 3.49%.
The listing was better than expectations as suggested by the grey market premium (GMP). Om Power Transmission IPO GMP today was just ₹2, signalling a listing pop of 1.14%.
The mainboard offer, worth ₹150.06 crore, was open for bidding from April 9 to April 13. The allotment for the offer was finalised on April 16, and the shares were credited on April 16 to allottees, while to non-allottees, the refund was initiated on the same date.
The offer received a decent response from investors, with the non-institutional investor (NII) quota booked the most at 7.06 times. The qualified institutional buyer (QIB) segment was subscribed 3.65 times, and the retail segment 1.54 times. Overall, Om Power Transmission IPO's subscription status was 3.33 times at the final day of the bidding process.
The offer was a combination of fresh issue of shares of 0.76 crore amounting to ₹132.56 crore and an offer for sale of 0.10 crore shares worth ₹17.50 crore.
The company plans to use the fresh proceeds for funding capital expenditure needs of the company towards the purchase of machinery and equipment, repayment of certain borrowings availed by the company and funding long-term working capital needs, along with general corporate purposes.
Om Power Transmission IPO price band was set at ₹166 to ₹175 per share. Investors could apply for the offer in lots of 85 shares and multiples thereof.
Beeline Capital Advisors acted as the book-running lead manager, and MUFG Intime India was the registrar of the issue.
Om Power Transmission is a power transmission infrastructure engineering, procurement, and construction (EPC) company engaged in executing high-voltage (HV) and extra-high voltage (EHV) transmission lines, substations, underground cabling projects, and providing comprehensive operation and maintenance (O&M) services.
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