Prostarm Info Systems IPO subscribed 70 times Check GMP, listing, other details
Attracting a robust response from investors, Prostarm Info Systems' initial public offering (IPO) was subscribed by 69.91 times at the end of the bidding process, witnessing strong subscription across categories.
ADVERTISEMENT Non-institutional investors (NIIs) led the demand, subscribing to the issue by a massive 154.17 times their allocated quota, while the qualified institutional buyers (QIBs) had subscribed 88.79%. Retail investors drove robust demand, subscribing ths offer by 23.01 times.
The Rs 168 crore offering's listing is scheduled for June 3.
In the grey market, Prostarm Info Systems' unlisted shares were trading at a premium of Rs 19 on Wednesday, indicating a potential listing price of around Rs 124. This suggests an 18% premium over the IPO's upper price band of Rs 105, according to sources monitoring grey market trends.Prostarm's IPO is a completely fresh issue, aiming to raise Rs 168 crore. The price band has been set at Rs 95–105 per share, with investors required to bid in lots of 142 shares, translating to a minimum investment of Rs 14,910 at the upper price band.
The proceeds from the offering will be utilized for meeting working capital needs, repaying select borrowings, pursuing inorganic growth opportunities, and covering general corporate expenses. Choice Capital Advisors is the book-running lead manager for the issue, while KFin Technologies is serving as the registrar.
ADVERTISEMENT The company's shares are slated to be listed on both the BSE and NSE on June 3.
Brokerages appear cautiously optimistic. Bajaj Broking has issued a long-term subscribe call on the IPO, citing strong revenue momentum and operational performance.
ADVERTISEMENT 'Prostarm has a strong balance sheet, with robust cash flow from operations and a healthy return on net worth. The IPO is fully priced, but its leadership in integrated power solutions and growing demand for energy infrastructure make it a compelling story for patient investors,' Bajaj Broking said.The company's financials reflect a growth trajectory: revenue rose from Rs 232 crore in FY23 to Rs 259 crore in FY24, and it reported Rs 270 crore in income during the first nine months of FY25. Net profit for the nine-month period stood at Rs 22.11 crore, nearly matching FY24's Rs 22.80 crore.
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Established in 2008, Prostarm specializes in the design and manufacturing of energy storage and power conditioning solutions, including UPS systems, inverters, lithium-ion battery packs, and voltage stabilizers. The company also provides solar hybrid systems, reverse logistics services, and EPC solutions for rooftop solar projects.Prostarm serves a diverse client base across sectors such as aviation, defence, banking, and healthcare. Its portfolio includes notable names like the Airports Authority of India, Railtel, and NTPC Vidyut Vyapar Nigam.
ADVERTISEMENT Also read: Scoda Tubes IPO subscribed 5.5 times on Day 2, GMP rises to 13%. Check details
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