Prostarm Info Systems Limited has launched an Initial Public Offering (IPO) totaling ₹168 crore comprising a fresh issue of 1,60,00,000 equity shares.
Vidhigya Associates acted as the sole legal counsel for the offering.
The transaction team consisted of Rahul Pandey (Partner), Himanshu Pandey (Partner) and Vedang Mehta (Associate Partner), Yash Desai (Associate) and Vidisha Shetty (Paralegal).
The issue saw strong demand, being oversubscribed 97.2 times, with QIBs subscribing 104.49 times and NIIs 222.14 times. On June 3, Prostarm debuted on the BSE at ₹125—a 19% premium—and ₹120 on the NSE—a 14.29% premium over the issue price.
The IPO proceeds will be used to repay borrowings, fund capex, pursue acquisitions, and for general corporate purposes. Headquartered in Navi Mumbai, Prostarm manufactures power and energy solutions like UPS systems, inverters, and lithium-ion battery packs. For FY24, the company reported a revenue of ₹259.23 crore and net profit of ₹22.83 crore.
Prostarm Info Systems is engaged in designing, manufacturing, assembling, sale, service and supply of Energy Storage Equipment and Power Conditioning Equipment (“Power Solution Products”) in India. The Power Solution Products comprise of UPS system, inverter system, lift inverter system, solar hybrid inverter systems, lithium-ion battery packs, servo-controlled voltage stabilisers, isolation transformers and other power solution products.
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