Prostarm Info Systems IPO: The UPS (Uninterruptible Power Supply) and inverter manufacturer's initial public offering witnessed robust investor interest on the opening day of the bidding window. The issue was fully subscribed on day 1, attracting overall bids of 2,45,12,040 shares against 1,12,00,000 shares on offer as of 02:09 pm, according to BSE data.
The company is raising Rs 168 crore via the public offering and the issue is entirely a fresh issue of 1.6 crore shares, with no offer for sale (OFS). The minimum amount required to apply for the book build issue is Rs 13,490. The price band is fixed at Rs 95 to Rs 105 per share. The tentative date of listing, as for now, is set for June 3, 2025 (Tuesday).
Prostarm Info Systems IPO GMP
GMP or grey market premium signals the price level at which the shares of the company trade in the grey market before getting listed on the official exchanges.
As of 02:29 pm, the shares of Prostarm Info Systems were trading at a GMP of Rs 25, commanding a decent premium of just 23.81%.
Choice Capital Advisors Pvt. Ltd. is the sole book-running lead manager of the public offering.
Subscribe or not?
Bajaj Broking has recommended 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.
However, the company's revenue from operations figure is highly dependent on limited customers and the loss of any of these customers or loss of revenue from any of these customers "could have a material adverse effect on business, financial condition, results of operations and cash flows," the brokerage firm said.
