• Powerica Limited’s IPO Subscribed 1.45 Times on Final Day
  • Sai Parenteral’s Limited’s IPO Subscribed 1.05 Times on Final Day

Mumbai: The Initial Public Offering of Powerica Limited and Sai Parenteral’s Limited were over-subscribed on final day.

Powerica Limited’s IPO was subscribed 1.45 times on the final day of bidding.

The issue received bids of 2,98,57,816 equity shares against the offered 2,05,55,171 equity shares, according to data available on the stock exchanges.

Qualified Institutional Buyers (QIB) and Retail Portion were subscribed 4.5 times and 0.15 times, respectively. Non-Institutional Investors (NII) Portion was subscribed 0.44 times.

Powerica had raised nearly Rs 329.4 crore via anchor investors a day before the IPO started on March 24.

The Company is an integrated power solutions with generator set business comprising of DG sets powered by Cummins engines, medium speed large generators (“MSLG”) offerings in collaboration with Hyundai, and certain allied business activities (“Generator Set Business”) and present in the wind power sector as an independent power producer (“IPP”) and engineering, procurement and construction (“EPC”) contractor as well as an operation and maintenance (“O&M”) service provider for balance of plant (“BoP”).

Sai Parenteral’s Limited IPO was subscribed 1.05 times on the final day of bidding.

The issue received bids of 78,80,972 equity shares against the offered 75,22,486 equity shares, according to data available on the stock exchanges.

Non-Institutional Investors (NII) Portion was subscribed 2.36 times. Qualified Institutional Buyers (QIB) and Retail Portion were subscribed 1.71 times and 0.12 times, respectively.

Sai Parenteral’s had raised Rs 122.6 crore via anchor investors a day before the IPO started on March 24.

The company is a diversified pharmaceutical formulations company with capabilities in research, development and manufacturing. It is in the business of branded generic formulations and contract development and manufacturing organisation (CDMO) products and services for the domestic and international markets.