- Bid /Offer opens on Friday, January 19, 2024 and will close on Tuesday, January 23, 2024.
- Bids can be made for a minimum of 65 Equity Shares and in multiples of 65 Equity Shares thereafter
- The firm is India’s second largest room air conditioner (RAC) original design manufacturer (ODM) in terms of the number of units (indoor + outdoor) produced via the ODM route in fiscal 2023
NE BUSINESS BUREAU
AHMEDABAD, JAN 19
EPACK Durable Limited has raised ₹192 crore from marquee investors in anchor round on Thursday, ahead of its IPO subscription opening for bidding.
The private air conditioner (AC) manufacturer said in a statement that it has raised ₹192.01 crore by allocating 83.48 lakh equity shares at the upper end of the price band of ₹230.
The marque investors included Society Generale, Copthall, Universal Sompo, Reliance General Insurance, SBI General Insurance, HDFC Life Insurance, SBI Life Insurance, Aditya Birla Sun Life Insurance among others.
EPACK Durable IPO opens for subscription on Friday, January 19, 2024 and closes on Tuesday, January 23, 2024. The EPACK Durable IPO price band is set at ₹218 to ₹230 per equity share of the face value of ₹10 each.
Bids can be made for a minimum of 65 Equity Shares and in multiples of 65 Equity Shares thereafter.
EPACK Durable IPO, which is worth ₹640.05 crore, comprises a fresh issue of ₹400 crore, and an offer-for-sale (OFS) of 1.04 crore equity shares by the promoters and other investors.
In the OFS, 51.75 lakh shares valued at ₹119 crore, belonging to the promoter group, will be sold by promoters Bajrang Bothra, Laxmi Pat Bothra, Sanjay Singhania, and Ajay DD Singhania, as well as Pinky Ajay Singhania, Preity Singhania, Nikhil Bothra, Nitin Bothra, and Rajjat Kumar Bothra.
The Company proposes to utilise net proceeds from fresh issue of Equity Shares to funding capital expenditure for the expansion / setting up of manufacturing facilities, repayment and / or prepayment, in part or in full, of certain outstanding loans of our Company and general corporate purpose.
EPACK Durable IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
According to EPACK Durable’s red herring prospectus (RHP), the firm is India’s second largest room air conditioner (RAC) original design manufacturer (ODM) in terms of the number of units (indoor + outdoor) produced via the ODM route in fiscal 2023.
The company also produces sheet metal parts, injection moulded parts, cross-flow fans, and PCBA components that are utilised in the fabrication of RACs. The company has grown into the small domestic appliance (SDA) industry, owing to seasonal demand for RACs, and is actively designing and manufacturing induction hobs, blenders, and water dispensers.
The company is customer-focused, with dedicated research and development facilities in Greater Noida, Bhiwadi and Dehradun. These facilities are outfitted with a variety of equipment, including endurance test laboratories for RACs and SDAs, induction coils that serve as automatic voltage and breakdown testers, needle flame testers and specialised glow wire testers.
The issues are proposed to be listed on the BSE Limited and the National Stock Exchange of India Limited.
Axis Capital Limited, DAM Capital Advisors Limited and ICICI Securities Limited are the Book Running Lead Managers to the offer.
