EPACK Durable Limited IPO Opens; Subscribed 29% So Far

19 Jan 2024 , 12:16 PM

On the first day of its initial public offering (IPO), EPACK Durable Limited witnessed a subscription of 29% as investors showed muted interest. The IPO, open for bidding until January 23, 2024, has set a price band of Rs 218 to Rs 230 per equity share. Click here to subscribe the IPO.

During the initial two hours on day 1, the retail portion of the IPO saw a robust subscription of 51%, while non-institutional investors’ portion received 17% bids. 

EPACK Durable Limited, the second-largest room air conditioner (RAC) original design manufacturer (ODM) in India based on the number of units manufactured in FY23, is proposed for listing on both BSE and NSE.

Recognizing the opportunity for increased value-addition, EPACK Durable Limited has expanded its manufacturing capabilities to include key components essential for RAC production, such as sheet metal, injection-molded parts, cross-flow fans, and PCBA (printed circuit board assembly) components. The company supplies air conditioners to prominent brands like Blue Star, Daikin, Carrier Midea, and Voltas.

With three manufacturing facilities boasting a capacity of 3.7 million RAC units, the company added 1.25 million units in December 2023. In response to the surging demand for RACs and a shift towards OEMs/ODMs, EPACK Durable Limited plans to further increase its RAC capacity by 65% to 2.4 million units by FY26/27. To achieve this, the company is set to invest Rs 400 crore in the next 4-5 years.