Om Power Transmission makes a positive debut; stock lists at 6% premium on NSE

Shares of Om Power Transmission made a positive stock market debut on Friday, April 17 as the power transmission solution player was listed at Rs 186 on NSE, a premium of 6.29 per cent, against its issue price of Rs 175 apiece. Similarly, the stock was listed with a premium of 3.49 per cent over the issue price at Rs 181.10 on BSE.

As of the listing price, investors made a profit of Rs 935 on each lot allotted to them. Listing of Om Power Transmission has been much better than the expectations. Ahead of listing, it was commanding a grey market premium (GMP) of Rs 2-3 apeice, suggesting a mild listing pop for the investors.

The IPO of Om Power Transmission ran for subscription between April 9 and April 13. It had offered its shares in the price band of Rs 166-175 per share with a lot size of 85 shares. The company eyed to raise a total of Rs 150 crore via IPO, which was a fresh share sale of 75.75 lakh shares worth Rs 133 crore and an offer-for-sale (OFS) of up to 10 lakh shares worth Rs 18 crore.

The issue was overall subscribed 3.33 times with over 41,400 applications, fetching bids for Rs 349.39 crore. The portion for qualified-institutional bidders (QIBs) was subscribed 3.75 times. The quotas for non-institutional investors (NIIs) and retail bidders were subscribed at 7.06 times and 1.54 times, respectively.

Incorporated in 2011, Ahmedabad-based Om Power Transmission is a power transmission infrastructure engineering, procurement, and construction (EPC) company. Its expertise lies in the execution of high-voltage (HV) and extra-high voltage (EHV) transmission lines, substations and underground cabling projects delivered on a turnkey basis.

Brokerage firms had a mixed views on this IPO, suggesting to subscribe with some caution for long-term. Beeline Capital Advisors was the sole book running lead managers for Om Power Transmission IPO and MUFG Intime India served as the registrar of the issue.