Pennar Engineered IPO sails through
VCCircle_Pennar_Engineered-5 | Photo Credit: The HNIs and corporates portion was oversubscribed on closing day of IPO

Pennar Engineered Building Systems Ltd's (PEBS) public issue which saw just 7 per cent subscription on its penultimate day, got managed to sail through with around 15 per cent oversubscription on the closing day, as per the data available with the stock exchanges.

Although the retail investors portion was not fully covered, qualified institutional buyers’ (QIBs) led the show with 2.2x bids as against the shares reserved for them. The HNIs and corporates portion was oversubscribed 43 per cent.

The IPO had started on a slow pace with just 2.5 per cent shares picked on day 1.

PEBS, a subsidiary of Hyderabad-based Pennar Industries Ltd, delivers engineered steel building solutions for commercial, industrial, logistics, aviation, agriculture, sports stadia and other sectors.

The IPO is being managed by Motilal Oswal, Axis Capital and Karvy.

Existing investor Zephyr Peacock gets to almost triple the value of its investment in the part-exit.

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