New Delhi:Shares of integrated power solution company Prostarm Info Systems Ltd on Tuesday listed with a premium of 19 per cent against the issue price of Rs 105.
The stock started the trade at Rs 125, registering a jump of 19 per cent from the issue price on the BSE.
Later, it surged 23.80 per cent to Rs 130.At the NSE, the stock listed at Rs 120, up 14.28 per cent.The Rs 168-crore initial share sale of Prostarm Info Systems Ltd got subscribed a whopping 97.20 times on the closing day of bidding on last Thursday, helped by encouraging participation from institutional investors.
The Initial Public Offer (IPO) had a price band of Rs 95-105 per share.Prostarm Info Systems intends to utilise Rs 72.50 crore of the total IPO proceeds towards funding capital requirements of the company, Rs 17.95 crore for payment of debt, and the remaining capital will be used for achieving inorganic growth through unidentified acquisitions and other strategic initiatives, as well as for general corporate purposes.The company is an integrated power solution provider, especially in UPS system lithium-ion battery packs and third-party power solution products, among others.
It caters to a range of 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.
The firm operates three manufacturing facilities in Maharashtra. The company catered to more than 700 clients during FY24, including Larsen & Toubro Ltd, Tata Power Co. Ltd and Bajaj Finance Ltd.
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