HPL Electric IPO gets 29% subscription on Day 2

The initial public offer (IPO) of HPL Electric & Power has been subscribed 29 per cent on the second day of the bidding today.
The IPO received bids for 41,65,910 shares as against the total issue size of 1,44,40,001, data available with NSE till 1700 hours showed.
The quota reserved for qualified institutional buyers (QIBs) was subscribed 36 per cent while for non-institutional investors, it was 1 per cent.
The retail investor portion got subscribed 37 per cent.
HPL Electric has already mopped up Rs 108 crore from anchor investors by selling shares at Rs 202 apiece.
The price band for the Rs 361-crore IPO has been fixed at Rs 175 to Rs 202 per share, which will close on September 26.

Proceeds of the issue will be utilised for repayment of loans, funding working capital requirements and for other general corporate purposes.

Shares of the company will be listed on BSE and NSE.
The issue is being managed by SBI Capital Markets, ICICI Securities and IDFC Bank.
HPL Electric makes metering solutions, switchgears, lighting equipment and wires and cables, among others.