Power Mech raises Rs 82 crore from anchor investors

Engineering firm Power Mech has raised Rs 82 crore from anchor investors, which included DSP BlackRock, SBI Mutual Fund and IDFC Mutual Fund. “The IPO (initial public offering) committee of the company… has finalised allocation of 1,280,700 equity shares in aggregate, to anchor investors at …allocation price of Rs 640 per equity share aggregating to Rs 81,96,48,000..” said the company.

Power Mech’s Rs 273-crore IPO opened for subscription on Friday. The issue received seven per cent subscription on the first day. The company has fixed a price band of Rs 615-640 per equity share for its IPO, which will remain open till August 11.