Epack Durable IPO subscribed 16.37 times

The initial public offering (IPO) of Epack Durable was subscribed 16.37 times on Wednesday, thanks mainly to high net worth individuals and qualified institutional buyers (QIBs).

The ₹640-crore, that came out with a price band of ₹218-230, received bids for 32.71 crore shares against 1.95 crore shares (net off anchor portion).

Bid details

While retail investors’ portion was subscribed 6.30 times, quota for non-instituions received bids for 28.10 times and QIBs 25.50 times.

The IPO was a combination of fresh issue worth ₹400 crore and an offer-for-sale (OFS) of 1.3 crore equity shares by promoters, promoter group members, and existing shareholders. Under the OFS, India Advantage Fund S4 I and Dynamic India Fund S4 US1 will be offloading shares, apart from promoters.

Epack Durable, an outsourced design manufacturer of air conditioners, on Thursday mobilised ₹192 crore from anchor investors as part of an IPO exercise.

The company had allotted 83.48 lakh shares to 18 funds at ₹230 apiece.

Among the marquee investors included Societe Generale, Copthall Mauritius Investment Ltd, Integrated Core Strategies (Asia) Pte Ltd, SBI Life Insurance Company, SBI General Insurance Company, HDFC Life Insurance Company, Bajaj Allianz Life Insurance Company, Aditya Birla Sun Life Insurance Company and HDFC Mutual Fund.

Utility of funds

Proceeds of the fresh issue will be utilised for funding capital expenditure for the setting up of manufacturing facilities, payment of loans, and general corporate purposes.