EPACK Durable Ltd, an outsourced design manufacturer of room air conditioners, on Thursday raised Rs 192 crore from anchor investors ahead of its initial public offering (IPO).
The company has allotted 83.48 lakh equity shares to 18 funds at Rs 230 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website.
Those that participated in the anchor bidding are -- Societe Generale, Copthall Mauritius Investment Ltd, Integrated Core Strategies (Asia) Pte Ltd, SBI Life Insurance Company, SBI General Insurance Company, HDFC Life Insurance Company, Bajaj Allianz Life Insurance Company, Aditya Birla Sun Life Insurance Company and HDFC Mutual Fund.
The IPO is a combination of fresh issuance of equity shares worth Rs 400 crore and an offer-for-sale (OFS) of 1.3 crore equity shares by promoters, promoter group members, and existing shareholders.
Under the OFS, two investor shareholders -- India Advantage Fund S4 I and Dynamic India Fund S4 US1 -- will be offloading shares, apart from promoters.
The issue, with a price band of Rs 218-230 per share, will open for public subscription on January 19 and conclude on January 23.
At the upper end of the price band, the maiden public issue is expected to mobilise Rs 640 crore.
Proceeds of the fresh issue will be utilised for funding capital expenditure for the setting up of manufacturing facilities, payment of loans, and general corporate purposes.
Founded in 2002, EPACK Durable manufactures room air conditioners and small household appliances.
It has integrated manufacturing facilities in Dehradun and Bhiwadi, Rajasthan where it manufactures room air conditioners, components, and small household appliances for leading Indian and MNC brands in India as an original design manufacturer (ODM).
Axis Capital, Dam Capital Advisors, and ICICI Securities are the book-running lead managers to the issue.