Sugs Lloyd: Electrifying the IPO Market with Over 3 Times Subscription
Sugs Lloyd's IPO received a strong response with 3.23 times the available shares subscribed, fueled by institutional investors. The company plans to use the proceeds primarily for business expansion and working capital. Sugs Lloyd, known for its transmission, distribution, and solar EPC projects, saw significant revenue and profit growth in recent years.
- Country:
- India
The initial public offering (IPO) of Sugs Lloyd, an integrated EPC player, attracted significant interest, with subscriptions reaching 3.23 times on the last day. Institutional investors played a key role in this overwhelming response.
The IPO generated bids exceeding Rs 246.74 crore. Non-institutional investors' quota was subscribed 5.30 times, while individual investors' section saw 2.12-fold interest. Qualified institutional buyers added further weight, with a 2.03 times subscription.
Sugs Lloyd plans to allocate Rs 64 crore from the IPO proceeds to bolster its working capital amidst ambitious business expansion plans. Remaining funds will address corporate needs and IPO issuance costs. Specializing in transmission and distribution, the New Delhi-based company has reported impressive revenue and profit growth.
(With inputs from agencies.)
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