Tempsens Instruments Collects Over ₹194 Cr From Anchor Investors; IPO Opens For Subscription

Temperature sensing and heating solutions provider Tempsens Instruments has raised ₹194.55 crore from anchor investors, including Temasek and SBI Mutual Fund.

The ₹650-crore initial public offering (IPO) of Tempsens Instruments (India) Ltd opened on Thursday and the subscription will close on August 24. The company has set a price band of ₹285-300 per equity share for the IPO.

The anchor book saw participation from a diverse set of institutional investors, including SBI Mutual Fund (MF), HDFC MF, Nippon India MF, Kotak Mahindra MF, Aditya Birla Sun Life MF, Tata MF, and Motilal Oswal MF, among others, according to a circular uploaded on the BSE's website late Wednesday evening.

Among insurers, Axis Max Life Insurance Company and Kotak Mahindra Life Insurance also participated.

The anchor portion also drew interest from global investors such as Aranda Investments Pte Ltd -- an arm of investment firm Temasek -- and Goldman Sachs Asset Management.

As per the circular, Tempsens Instruments allocated over 64.84 lakh equity shares at an anchor investor price of ₹300 apiece, aggregating the total size to ₹194.55 crore.

The IPO comprises a fresh issue of equity shares aggregating up to ₹95 crore and an offer-for-sale of up to 1.85 crore equity shares. At the upper end of the price band, the issue size is ₹650 crore and the company's post-issue market capitalisation is estimated at ₹2,515 crore.

The Udaipur-based company plans to use the proceeds for capital expenditure in electrical heating, and specialised cable solutions, debt repayment, and general corporate purposes.

Incorporated in 1990, Tempsens manufactures a wide range of contact and non-contact temperature sensors and provides tailored solutions across industrial applications.

The shares are proposed to be listed on the BSE and NSE on August 28. ICICI Securities and JM Financial are the book-running lead managers to the issue.