EPACK Durable IPO Day 2: Over 3.80 Times Subscription Received, Check GMP Today

EPACK Durable IPO: The initial public offering of EPACK Durable, which was opened for public subscription on Friday, January 19, has already been oversubscribed. Till 6:49 pm on the second day of bidding on Tuesday, January 23, the Rs 640.05-crore IPO received 3.80 times subscription, garnering bids for 7,39,42,115 shares as against 1,94,79,846 shares.

The IPO will remain open for subscription on January 24. On the first day of subscription on Friday, the IPO was subscribed 77 per cent.

EPACK Durable is an outsourced design manufacturer of room air conditioners.

EPACK Durable IPO GMP Today

According to market observers, unlisted shares of EPACK Durable are trading Rs 23 higher in the grey market as compared with its issue price. The Rs 23 grey market premium or GMP means the grey market is expecting a 10 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

EPACK Durable IPO Details

The initial public offering (IPO) has a fresh issue of Rs 400 crore and an offer-for-sale of up to 1,04,37,047 equity shares. The IPO has a price range of Rs 218-230 a share. EPACK Durable Ltd on Thursday raised Rs 192 crore from anchor investors.

At the upper end of the price band, the 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 managers to the offer.

(The headlines and the story have been updated with the latest subscription and GMP data till 6:49 pm on January 23)