Om Power Transmission Lists at 6% Premium on NSE Debut

Om Power Transmission Lists at a Premium in Indian Stock Market

Shares of Om Power Transmission began trading at a premium of up to 6% in the Indian stock market on Friday, 17 April. The company's share price debuted 6.29% higher at ₹186 on the National Stock Exchange (NSE) as against the initial public offering (IPO) price of ₹175. On the Bombay Stock Exchange (BSE), Om Power Transmission shares are listed at ₹181.10, a premium of 3.49%.

The listing was better than expectations, as indicated by the grey market premium (GMP). Om Power Transmission's IPO GMP today was just ₹2, signaling a listing pop of 1.14%. The mainboard offer, worth ₹150.06 crore, was open for bidding from 9 April to 13 April.

Om Power Transmission IPO Details

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The allotment for the offer was finalised on 16 April, and the shares were credited to allottees on the same date, while the refund for non-allottees was initiated on the same date. The offer received a decent response from investors, with the non-institutional investor (NII) quota booked the most at 7.06 times. The qualified institutional buyer (QIB) segment was subscribed to 3.65 times, and the retail segment 1.54 times. Overall, Om Power Transmission's IPO subscription status was 3.33 times on the final day of bidding.

The offer comprised a fresh issue of 0.76 crore shares, amounting to ₹132.56 crore, and an offer for sale of 0.10 crore shares, worth ₹17.50 crore. Om Power Transmission plans to use the fresh proceeds to fund capital expenditure needs, including the purchase of machinery and equipment, repayment of certain borrowings availed by the company, and funding long-term working capital needs, along with general corporate purposes.

The company's IPO price band was set at ₹166 to ₹175 per share. Investors could apply for the offer in lots of 85 shares and multiples thereof. Beeline Capital Advisors acted as the book-running lead manager, and MUFG Intime India served as the registrar for the issue.

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Om Power Transmission is a power transmission infrastructure engineering, procurement, and construction (EPC) company engaged in executing high-voltage (HV) and extra-high voltage (EHV) transmission lines, substations, underground cabling projects, and providing comprehensive operation and maintenance (O&M) services.