Prostarm Info System IPO Day 3: Issue Subscribed 24.62x so far, GMP Jumps 22%

Prostarm Info System IPO Day 3: The company has entered the final day of its bidding period and investor sentiment remains moderate. The issue has been subscribed 24.62 times so far. Prostarm Info System is raising Rs 168 crore via the initial public offering (IPO), which is entirely a fresh issue of 1.60 crore shares, with no offer-for-sale (OFS).

As per BSE data, the company has received bids for 28,22,58,938 shares against 1,12,00,000 shares on offer, as of 11:23 am IST. The tentative listing date is currently fixed for June 3, 2025 (Tuesday). Prostarm Info System specialises in designing, manufacturing and selling energy storage products and other power conditioning equipment. The company is among the leading manufacturers of uninterruptible power supply (UPS) systems and inverters.

Prostarm Info System IPO GMP

GMP or grey market premium refers to the price level at which the shares of the company trade in the grey market before hitting the official bourses.

As of 11:36 am, the shares of Prostarm Info System were trading at a grey market premium of Rs 24, commanding a premium of over 22.8%

It is also worth mentioning that the primary market has been buzzing after a prolonged dull period. Earlier this year, when the secondary market was witnessing a correction, the IPO market also saw a significant slowdown as investor sentiment remained subdued.

Analysts Weigh In

Multiple brokerages have taken up an optimistic outlook on Prostarm.

Bajaj Broking gave a 'Subscribe for long term' rating on the IPO. "The company marked growth in its top and bottom lines for the reported periods. The sudden boost in its bottom lines from FY23 onward is on account of its ability to provide all related services under one roof. Based on its financial data, the IPO appears fully priced. Investors may lap it up for long term," the brokerage firm said in its report.