Om Power IPO Day 2 News: Retail demand picks up, issue subscribed 54% so far

Om Power Transmission's IPO was subscribed 54% overall by Day 2 of bidding on Friday, April 10, showing a steady pickup in demand from the opening day.

The issue, which opened on April 9 and will close on April 13, saw improved traction, particularly from retail investors.

As per the latest BSE data, the Qualified Institutional Buyers (QIBs) portion was subscribed 78%, while Non-Institutional Investors (NIIs) were booked 23%. Retail Individual Investors (RIIs) showed better momentum at 53% subscription.

On Day 1, the IPO was subscribed 39% overall, led by QIB demand.

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Ahead of the issue opening, the company had raised Rs 45.01 crore from anchor investors. Mauritius-based Craft Emerging Market Fund PCC, via its Elite Capital Fund and Citadel Capital Fund, picked up 16.57 lakh shares worth over Rs 29 crore. Morgan Stanley Asia (Singapore) acquired 5.71 lakh shares for Rs 10 crore, while Sunrise Investment Trust bought 3.43 lakh shares valued at Rs 6.01 crore.

Om Power Transmission operates in the engineering, procurement and construction (EPC) segment, focusing on power transmission infrastructure, and has over 14 years of experience in the sector.

As per its red herring prospectus (RHP), its listed peers include Rajesh Power Services Ltd (P/E of 16.38), Advait Energy Transitions Ltd (P/E of 57.52), and Viviana Power Tech Ltd (P/E of 25.15).

The IPO allocation structure earmarks up to 50% of the issue for QIBs, at least 15% for NIIs, and a minimum of 35% for retail investors.

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In the grey market, the GMP stood at Rs 3.25 . Based on the upper price band of Rs 175, the estimated listing price is around Rs 178.25, indicating a potential gain of about 1.86% per share.

The basis of allotment is likely to be finalised on April 15. Refunds are expected to be initiated on April 16, with shares credited to demat accounts on the same day. The stock is tentatively scheduled to list on the BSE and NSE on April 17.