Om Power Transmission Secures Over Rs 45 Crore from Anchor Investors in Pre-IPO Placement

Om Power Transmission Raises Rs 45.01 Crore from Anchor Investors Ahead of Maiden IPO

Gujarat-based Om Power Transmission, a power transmission infrastructure EPC company, has raised Rs 45.01 crore from three anchor investors on April 8, ahead of its maiden public issue opening. This development comes as the company prepares to launch its Rs 150-crore IPO, which will open for public subscription on April 9 with a price band of Rs 166-175 per share.

The offer, which is a combination of a fresh issuance of 75.75 lakh shares and an offer-for-sale of 10 lakh shares, will close on April 13. Om Power Transmission's Board meeting on Wednesday finalised the allocation of 25.72 lakh shares to anchor investors at the upper price band.

The largest anchor investor was Mauritius-based Craft Emerging Market Fund PCC, which acquired a total of 16.57 lakh shares for more than Rs 29 crore through its Elite Capital Fund and Citadel Capital Fund. Morgan Stanley Asia (Singapore) picked up 5.71 lakh shares in Om Power Transmission for Rs 10 crore, while Sunrise Investment Trust through Sunrise Investment Opportunities Fund bought 3.43 lakh shares for Rs 6.01 crore.

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Om Power Transmission, which has expertise in the execution of high-voltage and extra-high voltage transmission lines, substations, and underground cabling projects, will utilise the proceeds from the fresh issue for the purchase of machinery and equipment, repayment of debt, long-term working capital, and general corporate purposes.

The company, an EPC contractor in the power distribution segment, will finalise its IPO share allotment by April 15. Its shares will be available for trading on the bourses effective April 17. Beeline Capital Advisors is acting as the merchant banker for the Om Power Transmission IPO.