Electrical equipment maker HPL files paper to raise $66M in IPO

HPL Electric & Power Ltd has approached markets regulator Sebi to raise Rs 450 crore through an initial public offering.

Besides, the company is considering a pre-IPO Placement of up to 42 lakh equity shares aggregating up to Rs 125 crore with certain investors.

The proceeds of the issue will be utilised for repayment of loans, to fund working capital requirements and for other general corporate purposes.

As per the Draft Red Herring Prospectus (DRHP) filed with Sebi, the company's IPO comprises of equity shares worth Rs 450 crore.

The issue is being managed by SBI Capital Markets, ICICI Securities and IDFC Bank. The equity shares will be listed on the BSE and NSE.

HPL an electric equipment manufacturing company. It makes metering solutions, switchgears, lighting equipment and wires & cables.

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