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The initial public offer (IPO) of Supreme Power Equipment received bids for 3,37,46,000 shares as against 71,80,000 shares on offer, as per NSE data as of 17:00 hours on Thursday (21 December 2023). The issue was subscribed 4.7 times.
The issue opened for bidding on Thursday (21 December 2023) and it will close on Tuesday, (26 December 2023). The price band of the IPO is fixed between Rs 61 to Rs 65 per share. The minimum order quantity is 2,000 equity shares. The equity shares are proposed to be listed on the SME Platform of National Stock Exchange of India (NSE EMERGE).
The IPO comprises fresh issue of 71,80,000 shares. The promoter and promoter shareholding will dilute to 57.54 % from 79.37% Pre-IPO.
About 9,32,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 62,48,000 equity shares. The issue and the net issue will constitute 28.73% and 25.00% respectively of the post issue paid-up equity share capital of the company.
The company intends to utilize the net proceeds to meet working capital requirements, capital expenditure requirement and general corporate purpose.
Ahead of the IPO, Supreme Power Equipment on Wednesday, 20 December 2023, raised Rs 12.15 crore from anchor investors. The board allotted 18.70 lakh shares at Rs 65 per share to 4 anchor investors.
Supreme Power Equipment engaged in the areas of manufacturing, up-gradation, and refurbishment of transformers ranging from power transformer, generator transformer, windmill transformer, distribution transformer, isolation transformer, solar transformer, energy efficient transformer, converter and rectifier transformer. The company has a full time 58 employees.
The company recorded revenue from operations of Rs 39.26 crore and net profit of Rs 5.03 crore for the period as on 31 July 2023.
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