Epack Durable Secures Rs 192.02 Crore from Institutional Investors in Anchor Book Ahead of IPO Launch

19 Jan 2024 , 09:22 AM

Epack Durable, headquartered in Uttar Pradesh, successfully raised Rs 192.02 crore from institutional investors through its anchor book on January 18, a day before the commencement of its Initial Public Offering (IPO).

Notable institutional investors participating in the anchor book included Optimix Wholesale Global Emerging Markets Share Trust, Integrated Core Strategies (Asia), Societe Generale Copthall Mauritius Investment, and HDFC Mutual Fund. 

Leading insurance companies, such as SBI Life Insurance Company, HDFC Life Insurance Company, Aditya Birla Sun Life Insurance Company, Bajaj Allianz Life Insurance Company, SBI General Insurance Company, Reliance General Insurance Company, and Universal Sompo General Insurance Company, also displayed significant interest, collectively investing Rs 116 crore.

In consultation with merchant bankers, Epack Durable finalized the allocation of 83,48,504 equity shares to anchor investors at a price of Rs 230 per share. HDFC Mutual Fund, through its four schemes, acquired shares worth more than Rs 36 crore in the Epack Durable IPO.

Epack Durable’s IPO is set to open for subscription on January 19, with a price band ranging from Rs 218 to Rs 230 per share. The bidding period will conclude on January 23.

Epack aims to raise Rs 640.05 crore through its debut public issue, comprising a fresh issue of Rs 400 crore and an Offer-for-Sale (OFS) of 1.04 crore equity shares. Promoters and members of the promoter group, including Bajrang Bothra, Laxmi Pat Bothra, Sanjay Singhania, Ajay DD Singhania, Pinky Ajay Singhania, Preity Singhania, Nikhil Bothra, Nitin Bothra, and Rajjat Kumar Bothra, will collectively offload 51.75 lakh shares worth Rs 119 crore in the OFS at the upper price band. Additionally, India Advantage Fund S4 I and Dynamic India Fund S4 US I will sell 52.62 lakh shares worth Rs 121 crore through the OFS.