Epack Durable makes its market debut today as analysts expect the stock to list at a 2-10 per cent premium over the issue price- to open between ₹235 and ₹253 against the issue price of ₹230. The offer was subscribed 16.37 times and it received bids for 32.7 crore shares against the issue size of 1.99 crore. High net-worth individuals (HNIs) bought 28.1 times the allotted quota while retail investors picked up 6.29 times the portion set aside for them. Qualified institutional buyers booked 25.5 times of their part.
The Epack Durable IPO opened for subscription on January 19. The company is India’s second-largest original design manufacturer (ODM) of room air conditioners (RAC) and also manufactures components such as sheet metal parts, injection moulded parts, cross-flow fans. It began operations with a single manufacturing unit in Uttarakhand in 2003. The company has since expanded manufacturing operations with Dehradun Unit II, Dehradun Unit III and Dehradun Unit IV, Bhiwadi Manufacturing Facility and Sri City Manufacturing Facility.
Its customer base includes Blue Star, Daikin Airconditioning India, Carrier Midea, Voltas Limited, Havells India, Haier Appliances (India), Panasonic Life Solutions India, Godrej and Boyce Manufacturing Company and Bajaj Electricals.
Through the offer, Epack Durable planned to raise ₹640.05 crore. The public offer consisted of a fresh issue of 1.73 crore shares worth ₹400 crore and an OFS of 1.04 crore shares worth ₹240.05 crore. The price band was fixed at ₹218-230 per share. The IPO closed on January 23. Company’s promoters are Bajrang Bothra, Laxmi Pat Bothra, Sanjay Singhania and Ajay DD Singhania.
The net proceeds from the IPO will be used by the company to fund capital expenditure requirements for setting up manufacturing capacities in Bhiwadi, Rajasthan and Sri City, Andhra Pradesh, it said.
Through the anchor book, Optimix Wholesale Global Emerging Markets Share Trust, Integrated Core Strategies (Asia), Societe Generale Copthall Mauritius Investment and HDFC Mutual Fund invested in the company.
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