Prostarm Info Systems IPO to list on Tuesday; here's what GMP signals ahead of listing
Prostarm Info Systems IPO: The IPO of Prostarm Info Systems, which concluded recently, is set to debut on the Indian stock exchanges on Tuesday, June 03. The issue received a healthy response from all categories of investors during its bidding period between May 27 and May 29, resulting in an overall subscription of 96.68 times.
Given the strong demand, investor focus has now shifted to potential listing gains, typically gauged by the grey market premium (GMP). According to market sources, the company's shares are commanding a healthy GMP of ₹ 22 ahead of listing.
Based on the IPO's upper price band of ₹ 105 and the current GMP, the estimated listing price of Prostarm Info Systems stands at ₹ 127 per share, 21% above the issue price. The grey market premium indicates investors' willingness to pay a premium over the IPO price.
The mainboard IPO, valued at ₹ 168 crore, is entirely a fresh issue of 1.60 crore shares. According to exchange data, the portion reserved for non-institutional investors was subscribed 222 times, retail investors 39.48 times, and qualified institutional buyers 102 times.
The company proposes to utilize the net proceeds from the issue towards funding working capital requirements. Prepayment or repayment of all or a portion of certain outstanding borrowings. To achieve inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes.
Prostarm Info Systems, founded in 2008, is a power electronics company specializing in uninterruptible power supply (UPS) systems and energy storage solutions. It primarily caters to mission-critical sectors such as banking, healthcare, telecom, defense, oil and gas, education, and infrastructure.
With a product mix ranging from traditional UPS systems to lithium-ion battery packs and solar-powered inverters, Prostarm positions itself as a reliable partner for organizations needing continuous and clean power. The company's mission revolves around delivering technologically advanced, cost-effective power backup and conditioning solutions tailored to India's diverse infrastructure demands.
Its revenue from operations increased from ₹ 171.31 crore in Fiscal 2022 to ₹ 257.87 crore in Fiscal 2024, representing a Compounded Annual Growth Rate (CAGR) of 22.69%. Similarly, its profit for the year rose from ₹ 10.87 crore in fiscal 2022 to ₹ 22.83 crore in fiscal 2024, reflecting a CAGR of 44.91%, as per the company's RHP.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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