Quality Power Electrical Equipments had a lacklustre debut on the stock exchanges on Monday, February 24. The company’s shares were listed at Rs 432.05 per share on the BSE, marking a 1.66% premium over its issue price of Rs 425. Meanwhile, on the NSE, the stock opened at Rs 430 per share, reflecting a 1.18% premium.
However, the initial gains did not hold for long. Shortly after listing, Quality Power’s stock slipped into the red, with shares trading at Rs 401.95 on the BSE, down 6.97% and Rs 401 on the NSE, down 6.74%.
Quality Power IPO: GMP
Prior to its listing, the company’s shares were trading at a discount in the grey market.
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The Quality Power IPO saw a moderate response from investors, closing with an overall subscription rate of 1.29 times on the final bidding day. The retail portion was subscribed 1.82 times while the QIB portion got a subscription rate of 1.03 times. Similarly, the NII portion was subscribed 1.45 times.
Quality Power IPO: Fundraising and key players
The Rs 858.70 crore public issue was open for subscription from February 14 to February 18. The IPO consisted of fresh issue of 0.53 crore shares, raising Rs 225 crore and an OFS of 1.49 crore shares, amounting to Rs 633.70 crore
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Ahead of its IPO launch, Quality Power raised Rs 386.41 crore from anchor investors.
Quality Power IPO: Key players of the issue
Pantomath Capital Advisors served as the book-running lead manager, while Link Intime India Private Ltd was the registrar for the IPO.
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