Hyderabad-based power infrastructure service provider Power Mech Projects Ltd's public issue sailed through easily on the last day and saw bids for 37.97 times the issue size or was oversubscribed 37 times, data collated by exchanges showed.

The issue witnessed a robust interest from high net-worth individual and non-institutional investors who bid for around 133 times the number of shares reserved for them. On the other side, qualified institutional buyers (QIB) and retail investors ended with an oversubscription of 26.5 times and over 2x, respectively.

While some IPOs barely managed to clear the ropes early this year, some of the more recent issues found takers despite the volatility in the secondary market. Recently, Syngene International Ltd, the research and development subsidiary of Indian biopharmaceutical major Biocon Ltd, also got listed and saw its initial public offer (IPO) recording an oversubscription of 31 times at the end of the issue.

In April, goods and passenger transport services provider VRL Logistics Ltd's public float saw 73 times oversubscription. This was the biggest oversubscription number in seven years for a primary market issue beating Reliance Power's issue in February 2008.

The overall public issue of Power Mech comprised 4.27 million shares, including an offer for sale by Motilal Oswal Private Equity (PE) of around 2.14 million shares. Of the total issue size, half will go to provide a partial exit to the PE investor.

Power Mech is into power infrastructure services and provides erection, testing and commissioning of boilers, turbines and generators and balance of plant works, civil works and operation and maintenance services.

It had raised Rs 82 crore (approximately $13 million) from a bunch of domestic and foreign investors that came as anchor investors ahead of its proposed initial public offer which opened for subscription on August 7.

The firm opened its IPO with a price band of Rs 615-640 a share, which would allow it to raise around Rs 191 crore (excluding anchor allotment).

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