Manufacturer of AC generator TD Power Systems ' initial public offering has received good response from qualified institutional buyers (QIBs). The Rs 227-crore issue has subscribed nearly three times, as per data available on the National Stock Exchange.
The issue has received bids for 2.2 crore equity shares as against issue size of 75.6 lakh shares (excluding anchor book). Maximum bids have seen at lower-end of price band of Rs 256-261 a share, which was on expected lines because the anchor book was subscribed at Rs 256 a share.
QIBs helped the issue with their reserved portion being subscribed 6.52 times. Non-institutional and retail investors' portion subscribed 0.38 times each.
Manufacturer of AC generator has output capacity in the range of 1 MW to 52 MW.
The company proposes to utilize the net proceeds of the issue mainly to finance the expansion of the existing manufacturing plant in Dabaspet, Bangalore and for the construction of a project office in Bangalore. It also proposes to utilize part of the net proceeds to repay debt, fund working capital requirements and for other general corporate purposes.
It also executes Turbine Generator (TG) island projects for steam turbine power plants with output capacity up to 52 MW using a Japanese turbine combined with TD Power generator.
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