Pace Digitek IPO subscribed 16 pc on Day 1

New Delhi, Sep 26 (PTI) The initial public offer of telecom infrastructure solutions provider Pace Digitek Ltd got subscribed 16 per cent on the first day of share sale on Friday.

The IPO received bids for 44,66,240 shares against 2,76,06,555 shares on offer, as per NSE data.

The quota for Retail Individual Investors (RIIs) received 18 per cent subscription, while the portion for Qualified Institutional Buyers (QIBs) got subscribed 17 per cent. Non-Institutional Investors category received 9 per cent subscription.

Pace Digitek Ltd on Thursday said it has mobilised over Rs 245 crore from anchor investors.

The issue, with a price band of Rs 208 to Rs 219 per share, will conclude on September 30.

The Bengaluru-based company's IPO is a completely fresh issue of shares worth Rs 819.15 crore.

Proceeds from the public issue, amounting to Rs 630 crore, will be used to fund capital expenditure requirements, and a portion will be allocated towards general corporate purposes.

Incorporated in 2007, Pace Digitek is a multi-disciplinary solutions provider specialising in the telecom passive infrastructure industry, including telecom tower infrastructure and optical fibre cables.

Unistone Capital is the sole book-running lead manager of the issue. PTI SUM SUM SHW