Transrail Lighting's IPO fully subscribed; ends Day 1 with 2 times subscription

New Delhi: Transrail Lighting's initial public offering (IPO) got fully subscribed hours after opening for bidding on Thursday and ended the day with 2 times subscription.

The initial share sale got bids for 2,87,61,926 shares against 1,39,16,742 shares on offer, translating into 2.07 times subscription, according to NSE data.

Retail individual investors (RIIs) part received 2.85 times subscription while the category for non-institutional investors got subscribed 2.10 times. The portion for Qualified institutional buyers (QIBs) got subscribed 78 per cent.

Transrail Lighting Ltd has mobilised Rs 246 crore from anchor investors.

The Rs 839-crore IPO has a price band of Rs 410-432 per share.

The company's IPO is a combination of a fresh issue of shares worth Rs 400 crore and an offer for sale of 1.01 crore equity shares by a promoter Ajanma Holdings Pvt Ltd.

At present, Ajanma Holdings holds 83.22 per cent stake in the Mumbai-based company.

At the upper end of the price band, the IPO size has been pegged at Rs 839 crore and a market capitalisation of nearly Rs 5,600 crore.

Proceeds from the fresh issue will be used to fund incremental working capital requirements, to support capital expenditure and for general corporate purposes.

Transrail Lighting is one of the leading Indian Engineering, Procurement and Construction (EPC) companies with a primary focus on the power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles.

It has a footprint in more than 58 countries.

Inga Ventures, Axis Capital, HDFC Bank, and IDBI Capital Markets & Securities are the book running lead managers to the issue.