Prostarm Info Systems shares list at ₹120 on NSE, a premium of 14.29% from IPO price
Prostarm Info Systems IPO listing: Shares of Prostarm Info Systems IPO made a strong debut on the bourses on Tuesday, June 3, listing at ₹ 120 on NSE, a premium of 14.29 percent over the issue price of ₹ 105. Meanwhile, on BSE, it debuted at ₹ 125, up 19 percent from issue price.
The IPO, valued at ₹ 168 crore, was open for subscription from May 27 to May 29.
The IPO concluded on an strong note, receiving bids amounting to 96.68 times the shares on offer over the three-day bidding period. A total of 108.27 crore shares were bid for, compared to the 1.12 crore shares available. The retail investor portion was subscribed 39.42 times, while the non-institutional investor (NII) category saw a subscription of 222.13 times. Meanwhile, the Qualified institutional buyers (QIBs) portion was booked 102.67 times.
Prostarm Info Systems IPO was a completely fresh issue comprising 1.6 crore shares, with no offer-for-sale component. The minimum application size was set at 142 shares, requiring a minimum investment of ₹ 14,910 from retail investors.
According to Prostarm Info Systems' Draft Red Herring Prospectus (DRHP), the company plans to allocate ₹ 72.5 crore from the IPO proceeds towards the repayment of certain outstanding borrowings. Additionally, ₹ 18 crore is earmarked for funding capital expenditure. A portion of the raised funds will also be directed towards pursuing inorganic growth opportunities through potential acquisitions and other strategic initiatives, yet to be identified.
The Prostarm Info Systems IPO had seen Choice Capital Advisors Pvt Ltd take charge as the lead book-running manager, with Kfin Technologies Limited handling the registrar responsibilities for the public offer.
Prostarm Info Systems Limited, established in January 2008, is an Indian enterprise engaged in the development, production, and distribution of energy storage and power conditioning solutions, collectively known as "Power Solution Products."
The company's product portfolio includes a wide range of power-related systems such as uninterruptible power supplies (UPS), inverter systems, solar hybrid inverters, lithium-ion battery packs, and voltage stabilisers.
Prostarm offers both customised and standard solutions, manufactured either in-house or via contract manufacturing. In addition to its core offerings, the company also distributes third-party batteries and provides services like reverse logistics and end-of-life disposal for UPS systems and batteries. It is also involved in executing rooftop solar power plant projects across India on an EPC (Engineering, Procurement, and Construction) basis.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
24 minutes ago
- Time of India
Zimbabwe Takes Tech's Help To Track Starving Elephants, Prevent Deadly Invasions
Elon Musk's Tesla Not Interested to Make Electric Cars in India, Only Showrooms Coming Up: Minister Despite India's aggressive new EV policy and Tesla's local hiring spree, Heavy Industries Minister H D Kumaraswamy has confirmed that Tesla has no immediate plans to manufacture electric vehicles in India. Tesla is preparing to launch its first EV in the Indian market in 2–3 months, but only as imports. India's EV policy offers duty cuts in exchange for local investment, yet Tesla remains cautious amid its global slowdown. Will this impact India's vision to become an EV hub?#teslaindia #elonmusk #electricvehicles #evpolicy #teslaupdate #indianeconomy #hdkumarswamy #automotiveindustry #toibharat 12.0K views | 2 days ago
New Indian Express
35 minutes ago
- New Indian Express
Adani Airports raises 750 million dollars to refinance debt, expand capacity
MUMBAI: Adani Airports Holdings has raised 750 million dollars through External Commercial Borrowings (ECB) from a consortium of international banks. The funds will be used to refinance existing debt, invest in infrastructure upgrades, and expand capacity at six airports—Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram. The borrowed amount will also support the growth of non-aeronautical businesses, such as retail, food and beverage, duty-free, and other services across the airport network. The transaction was led by First Abu Dhabi Bank, Barclays PLC, and Standard Chartered Bank. Adani Airports Holdings, a subsidiary of Adani Enterprises and the country's largest private airport operator, served 94 million passengers in the financial year 2024–25. The company's total handling capacity currently stands at 110 million passengers, and it plans to triple this figure to 300 million passengers per year by 2040 through phased expansion. As part of this growth plan, the Navi Mumbai International Airport is expected to become operational soon. It will initially handle 20 million passengers, with capacity set to increase to 90 million annually in later phases. 'AAHL is well on its path to deliver exceptional customer experiences, leveraging technology for seamless operations, and prioritizing sustainability and community engagement across its airport network,' said Arun Bansal, CEO of AAHL. Latham and Watkins LLP and Linklaters LLP acted as English law counsel for the deal, while Cyril Amarchand Mangaldas and TT&A served as Indian legal advisors.
Time of India
an hour ago
- Time of India
Banned single-use plastics dominate waste streams in Vijayawada & Tirupati
Visakhapatnam: A study conducted by the Central Pollution Control Board in Vijayawada and Tirupati has found that banned single-use plastics (SUPs) constitute a significant portion of total plastic waste. Tired of too many ads? go ad free now For instance, in Vijayawada alone, banned SUPs account for approximately 26% of total plastic waste. The most commonly found banned SUPs in the waste stream are carry bags and plastic sheets, each representing over 38% (by weight) of all banned SUPs. Cutlery items, another prominent category of banned SUPs, make up 16% of the total. The contribution of the remaining banned SUPs is less than 9%. A market survey evaluated the availability of banned SUP items and their alternatives across 144 shops in four distinct market zones in Vijayawada: Bhavanipuram (North), Patamata (South), Gundnala (East), and Krishnalanka (West). The overall market landscape suggests a positive shift, with 'only alternatives' dominating approximately 60% of product availability, while 'only SUPs' account for around 30%, and 'both' options represent roughly 10%. However, the transition is not uniform across all product categories. Items such as plastic sheets and balloon sticks still exhibit a high prevalence of 'only SUPs,' exceeding 60% in some cases, highlighting persistent challenges in their replacement. Conversely, categories such as spoons, forks, knives, plates, and straws show overwhelming adoption of 'only alternatives,' reaching up to 90%. A significant 'both' presence for items like plastic flags, cigarette packets, and candy sticks suggests a transitional phase where both SUPs and alternatives coexist. Similarly, banned SUPs comprise approximately 6.9% of total plastic waste in Tirupati. The most commonly found banned SUPs in the waste stream are carry bags, which account for over 95.3% (by weight) of all banned SUPs. Tired of too many ads? go ad free now Cutlery items, make up 2.6% of the total banned SUPs, a relatively lower proportion compared to most other Indian cities. The remaining banned SUPs contribute less than 2%. Like in Vijayawada, a survey conducted across 140 shops in four key markets of Tirupati, including Anna Rao Circle (North), Gandhi Road (South), Renigunta Road (East), and S V Nagar (West), revealed a significant prevalence of SUPs. Overall, approximately 40-50% of surveyed items were found to be exclusively single-use plastics, while a similar percentage (40-50%) indicated that both SUPs and their alternatives were available. Crucially, items available solely as alternatives constituted a significantly low proportion, comprising less than 10% of the total in Tirupati. Categories such as generic plastic items, cigarette packets, PVC banners, and thermocol decorative items demonstrated an overwhelming dominance (90% or more) by 'only SUPs,' signalling substantial hurdles in their phase-out. In contrast, items like carry bags and sweet boxes exhibited a relatively higher adoption of alternatives or a mixed market presence, indicating segments where the transition is more evident.
