TD Power Systems IPO covered 50 percent on opening day on QIB support

TD Power Systems IPO, which opened for subscription since yesterday, i.e. August 24, 2011, has managed to cover half-way subscription with the IPO getting bids for 50% of the Issue Size on the opening day. The IPO has been fully subscribed in the QIB category of investors which has received bids for 31,29,042 Equity Shares as against 37,24,600 Equity Shares reserved for the category

The subscription to the IPO on the opening day has been almost entirely due to the support from the QIB category which is subscribed at about 1.19 times its size. The bids in the QIB Category have been from Foreign Institutional Investors (FIIs) only. The HNI and the Retail Investors have largely remained aloof on the Day 1 of the IPO

The Bangalore based TD Power Systems Ltd. is one of the leading manufacturers of AC Generators for steam turbines, gas turbines, hydro turbines, wind turbines, diesel and gas engines, etc. The company also executes Turbine Generator island projects for steam turbine power plants. TD Power Systems Ltd. has entered capital markets, offering its Equity Shares in a price band of Rs.256/- to Rs.261/- per equity share. The IPO would remain open for subscription till August 26, 2011. Stay tuned to Indian IPO Blog for day-to-day subscription status updates on the IPO!