MUMBAI - EPACK Durable, a prominent Indian Original Design Manufacturer (ODM) for room air conditioners, has witnessed robust investor demand for its Initial Public Offering (IPO), with retail and non-institutional investors showing significant interest. The company, led by promoters Ajay DD Singhania and Sanjay Singhania, launched its IPO on Friday with a price range of ₹218 to ₹230 per share.
By Tuesday, retail demand had nearly doubled the shares reserved for this segment, while non-institutional interest soared to over three times their allocated portion. Despite this surge, qualified institutional buyers have been tepid, with only one percent of their quota filled. The grey market has already indicated a bullish outlook, with expectations of a listing price around ₹258, marking a ₹28 premium above the offer price.
The IPO's journey began last Thursday, when EPACK Durable secured ₹192.01 crore from anchor investors. The following day, the company made its shares available to the public, with lot sizes starting at 65 shares. The strong retail investor participation was evident by Saturday when the subscription reached full capacity by mid-morning IST. This enthusiasm continued into Sunday, with the first day of booking showing total subscriptions surpassing three-quarters of the offer size.
Monday's data from the Bombay Stock Exchange (BSE) highlighted the overwhelming response, as retail bids were double their allocation, and non-institutional bids were more than triple their quota. The funds raised from the IPO are earmarked for enhancing manufacturing capacity and reducing debt. The offering is being managed by Axis Capital (NYSE:AXS) Limited, DAM Capital Advisors Limited, and ICICI Securities Limited, with KFin Technologies Limited appointed for registration duties.
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