Pace Digitek IPO shares to debut on stock markets today; check latest GMP ahead of listing

Shares of Pace Digitek are set to make their stock market debut on Monday, October 6 and the telecom infrastructure solutions provider is likely to deliver decent listing gains for the investors considering its latest grey market premium, despite muted bidding for the issue during the three-day bidding period.

Ahead of its listing, shares of Pace Digitek were commanding a grey market premium (GMP) of Rs 17 per share in the unofficial market, suggesting a listing pop of 7-8 per cent for the investors. The GMP stood around Rs 10-12, when the issue had closed for subscription.

The IPO of Pace Digitek was open for subscription between September 26 and September 30. It had offered its shares in the price band of Rs 208-219 per share with a lot size of 68 shares. The company raised a total of Rs 819.15 crore from its IPO, which was entirely a fresh share sale of 3,74,04,018 equity shares.

The issue was overall subscribed only 1.59 times, fetching nearly 1.85 lakh applications, attracting bids just over Rs 965 crore. The portion for qualified-institutional bidders (QIBs) was subscribed 1.60 times. The allocation for non-institutional investors (NIIs) was booked 2.90 times. The portions for retail investors and employees were subscribed 1.03 times and 1.73 times, respectively.

Incorporated in 2007, Pace Digitek is a multi-disciplinary solutions provider with a primary focus on the telecom infra industry. Pace Digitek, through its subsidiary Lineage Power, offers key products to support telecom tower infrastructure. These include Power Management Solutions such as Switch-mode Power Supply and Hybrid DC Power Systems, as well as solar solutions.

Brokerage firms were mostly positive on the issue, suggesting to subscribe to it for long-term. Unistone Capital was the sole book running lead manager and MUFG Intime India served as the registrar of the issue. Shares of the company shall be listed on both BSE and NSE.