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Unlisted shares of Transrail Lighting Ltd are trading at Rs 612 in the grey market, reflecting a premium of 41.67% over the upper price band of Rs 432, indicating a potentially strong listing on December 27.
Transrail Lighting IPO.
Transrail Lighting IPO: The initial public offering of Transrail Lighting Ltd is going to be closed on Monday, December 23. On Friday, the Rs 838.91-crore IPO witnessed the second day of bidding and received an 5.67 times subscription. Now, till 11:54 am on the final day of bidding, the IPO has received a 11.71 times subscription garnering bids for 16,07,17,830 shares as against the 1,37,15,425 shares on offer.
The price band of the IPO has been fixed at Rs 410 to Rs 432 per share.
So far, the retail category has received a 11.71 times subscription, while the non-institutional category (NII) got a 26.35 times subscription. The qualified institutional buyers (QIB) category received a 1.83 times subscription.
The IPO was opened on Thursday, December 19.
Transrail Lighting IPO GMP Today
As per market observers, the unlisted shares of Transrail Lighting Ltd are trading at Rs 612 in the grey market, reflecting a premium of Rs 186 (41.67 per cent) over the upper price band of Rs 432. This indicates a potentially strong listing on December 27.
The 41.67 per cent GMP is lower than the 43.06 per cent premium recorded on Friday.
Transrail Lighting IPO: Key Dates
Closing Date: December 23 (Monday)
Allotment Finalisation: December 24
Listing on BSE and NSE: December 27 (Friday)
Transrail Lighting IPO: More Details
The Rs 839-crore Transrail Lighting IPO is available for public subscription from December 19 to December 23. The price band has been set at Rs 410-432 per share.
It 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 Private Ltd. Currently, 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.
Transrail Lighting Ltd has mobilised Rs 246 crore from anchor investors including ICICI Prudential Mutual Fund and Tata Mutual Fund. Apart from these, Winro Commercial (India) Ltd, Bengal Finance and Investments, SBI General Insurance Company and LIC Mutual Fund are the top anchor investors, according to a circular uploaded on BSE’s website.
As per the circular, Transrail Lighting has allotted 56.94 lakh shares to 19 funds at Rs 432 apiece, which is also the upper end of the price band. This aggregates the transaction size to Rs 245.97 crore.
Proceeds from the fresh issue will be used to fund incremental working capital requirements, to support capital expenditure and for general corporate purposes.
Half of the issue has been reserved for qualified institutional buyers, 35 for retail investors and the remaining 15 per cent for non-institutional investors.
Further, investors can bid for a minimum of 34 shares and in multiples thereof.
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.
