HPL Electric and Power IPO opens

New Delhi-based electric equipment products manufacturer HPL Electric and Power has opened its Rs 361-crore public offer for subscription with a price band of Rs 175-202 per share. The company already raised Rs 108.3 crore from 8 anchor investors, including HTCL-HDFC Prudence Fund, Copthall Mauritius Investment, Nomura Singapore etc, by selling 53.61 lakh shares at higher end of price band on Wednesday, the day before issue opening. Proceeds of the issue will be utilized for repayment of loans, working capital requirements and general corporate purposes. 

 

The issue will close on September 26. The company reduced its issue size from Rs 450 crore that was seen in draft red herring prospectus filed in February. Post IPO, the promoter group stake is expected to reduce to around 72 percent from 99.92 percent. Analysts are positive on the issue, advising investors to subscribe, citing strong growth opportunity, likely reduction in debt and improvement in brand visibility & utilization.

 

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