Ahead of IPO, Lohia Corp Garners Rs 492 Cr From Anchor Investors

New Delhi: Industrial machinery manufacturer Lohia Corp Ltd on Wednesday said it has raised Rs 492 crore from anchor investors ahead of its initial public offering (IPO).

The company allotted 1,15,79,133 equity shares to anchor investors at Rs 425 apiece, the upper end of the IPO price band, according to a circular uploaded on the BSE website.

The anchor book saw participation from domestic mutual funds, insurance companies and foreign investors.

The key investors included ICICI Prudential Mutual Fund (MF), Kotak Mahindra MF, Nippon India MF, Motilal Oswal MF, Aditya Birla Sun Life MF, SBI Life Insurance, Tata AIA Life Insurance, Canara Robeco MF, Ashoka India Equity Investment Trust Plc, Edelweiss Life Insurance, and offshore investors such as Citigroup Global Markets Mauritius, Societe Generale and Nomura Singapore.

The company’s Rs 1,102-crore IPO will open for subscription on July 23 and conclude on July 27.

The price band for the IPO has been fixed at Rs 404-425 per equity share, valuing the company at around Rs 4,500 crore at the higher end.

The IPO is entirely an offer-for-sale (OFS) of up to 2.59 crore equity shares by existing shareholders. Since the issue is an OFS, the company will not receive any proceeds from the public offering.

Retail investors can bid for a minimum of 35 equity shares and in multiples thereafter.

The Qualified Institutional Buyers (QIBs) have been allocated 75 per cent of the net offer, while 15 per cent has been reserved for the non-institutional investors (NIIs) and 10 per cent for retail investors.

The company’s shares are proposed to be listed on the BSE and NSE on July 30.

Separately, Xtranet Technologies allotted 39.40 lakh equity shares to anchor investors at Rs 127 apiece, raising about Rs 50 crore, ahead of its maiden public offering.

The IPO of Xtranet Technologies will open on July 23 and close on July 27.

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