Prostarm Info Systems IPO Sees 7x Jump In Bids, GMP Up By 18% On Day 2 Newspoint  |  28/05/2025 20:39:16

Mumbai: The initial public offering (IPO) of Prostarm Info Systems has received a very positive response from investors by the second day of bidding, which is Wednesday, May 28, 2025. The IPO, worth Rs 168 crore, opened for subscription on Tuesday, May 27, 2025, and will close on Thursday, May 29, 2025.

As per data from the National Stock Exchange (NSE), Prostarm Info Systems IPO has been subscribed 7.17 times so far. The company received bids for 8.03 crore shares, compared to just 1.12 crore shares available for sale.

Among all investors, retail investors showed the most interest, oversubscribing their portion 8.25 times. Non-Institutional Investors (NIIs) followed, subscribing 14.08 times, while Qualified Institutional Buyers (QIBs) subscribed only 0.12 times, showing limited participation from large institutions so far.

The IPO is a book-built issue and consists entirely of a fresh issue of 1.6 crore shares. The price band is set at Rs 95 to Rs 105 per share, and investors can apply in lots of 142 shares. At the upper price band of Rs 105, one lot will cost Rs 14,910. A retail investor can apply for up to 13 lots, costing Rs 1,93,830 in total.

In the grey market, Prostarm Info Systems shares are trading at around Rs 124, which is Rs 19 more than the upper price band. This gives the IPO a grey market premium (GMP) of about 18.10 per cent, reflecting strong demand among unofficial traders.

Market experts and brokerage firms such as Anand Rathi and Bajaj Broking have recommended subscribing to this IPO for long-term gains.

After the bidding window closes on May 29, the share allotment is expected to be finalised on Friday, May 30, 2025. Shares will be credited to investors' demat accounts by Monday, June 2, and the stock will list on both the BSE and NSE on Tuesday, June 3, 2025.

KFin Technologies is the registrar for this IPO, and Choice Capital Advisors is the lead manager.

About the Company

Founded in 2008, Prostarm Info Systems designs and sells power backup and energy storage products like UPS systems, inverters, solar inverters, and lithium battery packs. They also offer services like battery disposal, and solar rooftop project installation. The funds raised will be used for working capital, repaying loans, business expansion, and general corporate purposes.

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