QIBs category of the IPO subscribed 174.99 times
Non institutional investors category of the initial public offer (IPO) of Amber Enterprises India was subscribed 519.26 times, qualified institutional buyers (QIBs) category of the IPO was subscribed 174.99 times, retail individual investors (RIIs) category was subscribed 11.65 times and employees category was subscribed 2.27 times.
Overall, the IPO received bids for 81.5 crore shares as against 49.27 lakh shares on offer, data on the National Stock Exchange of India (NSE) website showed. The IPO was subscribed 165.42 times. The company had fixed the price band of Rs 855 to Rs 859 per equity share. The IPO was open for subscription from 17 January 2018 to 19 January 2018.
Ahead of the opening of the IPO, the board of directors of the company at a meeting held on 16 January 2018 finalized allocation of 20.8 lakh equity shares to 15 anchor investors at Rs 859 per share totaling Rs 178.71 crore.
The offer comprised an IPO of Rs 475 crore.
The offer also comprised offer for sale (OFS) of Rs 125 crore. The selling shareholders, comprising promoters Jasbir Singh and Daljit Singh, were offering a total Rs 125 crore worth of shares (Rs 62.50 crore each).
The object of the issue is to repay certain borrowings of Rs 400 crore. The balance funds will be utilized for other corporate purposes apart from the benefits of listing.
On a consolidated basis, Amber Enterprises India reported net profit of Rs 27.31 crore on net sales of Rs 938.16 crore in half year ended 30 September 2017.
Amber Enterprises India is the leading room air conditioner (RAC) original equipment manufacturer (OEM) and original design manufacturer (ODM) in India, with market share of 55.4% by volumes in the fiscal year ended March 2017 (FY 2017). Nine of the top 10 RAC brands including Daikin, Hitachi, LG, Panasonic, Voltas and Whirlpool are customers. They commanded nearly three-fourth share of the Indian RAC market in FY 2017.
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