Morgan Stanley, Citigroup invest in Epack Prefab Technologies' anchor round; co raises Rs 180 crore ahead of IPO

Synopsis

Epack Prefab Technologies garnered Rs 151 crore from anchor investors, including Whiteoak Capital and Morgan Stanley Asia, prior to its Rs 504-crore IPO opening on September 24. The company finalized the allocation of 74.11 lakh shares at Rs 204 per share. Proceeds from the IPO will fund manufacturing expansion and debt repayment.

Epack Prefab Technologies has raised Rs 151 crore from anchor investors ahead of its Rs 504-crore IPO, which opens for subscription on September 24. The company has finalised the allocation of 74.11 lakh shares at Rs 204 per share to a clutch of marquee investors.

Anchor investor participation

The issue witnessed strong demand from both foreign portfolio investors and domestic mutual funds. Among the key participants were Whiteoak Capital, 360 One Flexicap Fund, Morgan Stanley Asia, Citigroup Global Markets Mauritius, LC Pharos Multi Strategy Fund, Finavenue Capital, and Al Mehwar Commercial Investments.

Out of the total allocation, domestic mutual funds cornered 28.43 lakh shares, accounting for 38.36% of the anchor book. Whiteoak Capital’s various schemes, including its India Opportunities Fund, Flexi Cap Fund, Special Opportunities Fund, Mid Cap Fund, Multi Cap Fund, and ELSS Tax Saver Fund, featured prominently in the allocation.

Largest allocations

Whiteoak Capital India Opportunities Fund received 9.80 lakh shares worth Rs 20 crore, while 360 One Flexicap Fund was allotted 8.82 lakh shares worth Rs 18 crore. Al Mehwar Commercial Investments LLC (Wanda) took 8.33 lakh shares worth Rs 17 crore, and LC Pharos Multi Strategy Fund subscribed to 7.35 lakh shares worth Rs 15 crore.

About the IPO

The IPO comprises a fresh issue of shares worth Rs 300 crore and an offer-for-sale of shares worth Rs 204 crore. The company has set a price band of Rs 194–204 per share, with a lot size of 73 shares. The issue will close on September 26, with tentative listing on October 1.

Proceeds from the fresh issue will be used to fund expansion of its manufacturing facilities at Ghiloth in Rajasthan and Mambattu in Andhra Pradesh, repay borrowings, and for general corporate purposes.

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