Will HPL Electric be an electrifying IPO?
DSIJ Intelligence / 16 Sep 2016
HPL Electric which makes metering solutions, switchgears, lighting equipment and wires and cables, is all getting ready to get listed on the national bourses.
HPL Electric which makes metering solutions, switchgears, lighting equipment and wires and cables, is all getting ready to get listed on the national bourses. Company had filed its Draft Red Herring Prospectus (DRHP) with SEBI in February 2016 for its IPO, and the regulator gave the green signal for its initial share sale and gave its final observations on the IPO on May 20.
As per the latest development, the Initial Public Offer (IPO) of the company will open on September 22 and will close on September 26. HPL Electric & Power plans to raise around Rs 361 crores at a price band of Rs 175 – 202 per share. The issue is being managed by SBI Capital Markets, ICICI Securities and IDFC Bank.
The proceeds of the issue will be utilised for repayment of loans, to fund working capital requirements and for other general corporate purposes, according to the prospectus of the company.
HPL Electric had the largest market share for electricity energy meters in India in fiscal 2015. HPL is also the oldest manufacturer of LV switchgears in India with nearly 50 per cent market share in changeover switches in fiscal 2015.
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