Pace Digitek's IPO Sees Robust Demand

Pace Digitek Ltd's initial public offering (IPO) was met with vigorous enthusiasm, reaching 1.59 times oversubscription on the closing day of bids, Tuesday. The company's IPO attracted bids for 4,40,05,316 shares against an offer of 2,76,06,555 shares, according to data from NSE.

The breakdown of demand shows non-institutional investors subscribed 2.90 times their portion, Qualified Institutional Buyers (QIBs) saw a 1.60 times subscription, while the Retail Individual Investors (RIIs) section achieved 1.03 times. Pace Digitek Ltd, based in Bengaluru, disclosed it raised over Rs 245 crore from anchor investors before the IPO.

The price range for the shares is set at Rs 208-219, and the IPO is entirely a fresh issue aiming to generate Rs 819.15 crore. Of this, Rs 630 crore will go towards capital expenditures. Unistone Capital acted as the sole book-running lead manager for this offering. The company, founded in 2007, focuses on telecom passive infrastructure solutions, including telecom towers and optical fibre cables.