Tarapur Transformers IPO open; price band Rs 65-75/sh

MUMBAI: Tarapur Transformers hit the primary market today with an initial public offering of 85 lakh shares. The price band of the IPO has been fixed between Rs 65-75 per share. The issue closes Wednesday.

The company, a subsidiary of listed-company Bilpower, manufactures, up-gradates and refurbishes transformers ranging from power & distribution transformer, rectifier transformer, furnace duty transformer, electric locomotive transformer, electric traction substation transformer, dry type transformer, potential transformer, special purpose transformers.

Tarapur Transformers manufacture transformers up to 220 KV class, having an installed capacity of manufacturing of 1839.40 MVA and repairing of 1800 MVA per annum.

The proceeds will be used for expansion and modernisation of Pali unit; to part-finance incremental working capital requirements; acquisition of businesses and the marketing and corporate branding expenses.

As per the NSE website, till 3 pm IST, the issue was subscribed 0.56 times. Out of 47.81 lakh bids received, 7.20 lakh bids were made at cut-off price.