Following the strong subscription on the third and last day of bidding on Thursday, the IPO investors are now waiting for the company to finalise the share allocation.
The IPO opened for subscription on May 27. Shares of the company are tentatively scheduled to make their debut on the BSE and NSE on Tuesday, June 3.
The mainboard IPO received an overwhelming response from investors, with an overall subscription of over 97 times. The price band for the issue was set at ₹95 to ₹105 per share.
The IPO garnered bids for nearly 109 crore shares against an offer size of 1.12 crore shares, according to the NSE data.
The Non-Institutional Investors (NIIs) led the demand by subscribing their portion 222 times. The Qualified Institutional Buyers (QIBs) followed with a subscription of over 104 times, while retail investors subscribed their quota about 39.5 times.
The IPO bidders can check the share allotment status through the official websites of the BSE, NSE and the issue registrar, KFin Technologies:
Steps to check IPO allotment status through BSE:
1. Visit the BSE IPO allotment page: https://www.bseindia.com/static/investors/application_statuschecksystem.aspx
2. Select ‘Equity’ as the issue type.
3. Choose ‘Prostarm Info Systems’ from the dropdown.
4. Enter your PAN or application number.
5. Click ‘Search’ to view your status.
How to check IPO allotment status through KFin Technologies:
1. Visit the KFin Technologies IPO status page: https://ris.kfintech.com/ipostatus/
2. Select ‘Prostarm Info Systems’.
3. Enter your PAN, application number, or DP/Client ID.
4. Click ‘Submit’ to check the status.
Allotted shares will be credited to the successful applicants’ Demat accounts on June 2. Refunds will also be processed for others on the same day.
Prostarm Info Systems IPO details
The IPO was aimed at raising ₹168 crore from the primary market. The public offer comprised an entirely fresh issue of 1.6 crore shares.
Out of the total proceeds, the company proposes to use ₹72.5 crore for working capital needs, ₹18 crore for debt repayment and ₹9 crore for acquiring full ownership of a subsidiary. The remaining funds will be used for inorganic growth and general corporate purposes.
About the Company
Prostarm Info Systems is engaged in the design, manufacturing, and sale of power solution products, including UPS systems, inverters, solar hybrid inverters, lithium-ion battery packs, and voltage stabilisers.
