Transrail Lighting IPO: NIIs fuel demand on Day 3; Check latest GMP

The subscription window to bid for the Transrail Lighting IPO closes today; check issue details, latest subscription data, GMP, and more

Transrail Lighting IPO subscription status: The initial public offering (IPO) of engineering and construction company Transrail Lighting is set to conclude its public subscription window today, Monday, December 23, 2024. The Rs 838.91 crore offering has received a decent response from investors, with bids for 11,90,30,940 shares against 1,39,16,742 shares on offer, resulting in an oversubscription of 8.55 times, according to data available on the National Stock Exchange (NSE).

 

Transrail Lighting IPO has seen the highest subscription demand from Non-Institutional Investors (NIIs), who have subscribed 16.78 times the category reserved for them. This is followed by Retail Individual Investors (RIIs), with 9.40 times, and Qualified Institutional Buyers (QIBs), with 1.40 times subscription, as of around 10:48 AM on Monday, December 23, 2024. 

 

 

Transrail Lighting IPO details

Transrail Lighting's IPO comprises a fresh issue of 92,59,259 shares and an offer for sale (OFS) of 1,01,60,000 shares. The company had already raised Rs 245.97 crore from anchor investors during the bidding that concluded on December 18.

 

The public offering is available at a price band of Rs 410-432, with a lot size of 34 shares. Accordingly, investors can bid for a minimum of 34 shares and in multiples thereof. A retail investor requires a minimum of Rs 14,688 to bid for one lot (34 shares), while Rs 1,90,944 is required to bid for a maximum of 13 lots (442 shares).

 

Transrail Lighting IPO grey market premium (GMP) today

The unlisted shares of Transrail Lighting continue to command a strong premium in the grey market on Monday. The company’s shares were quoted at Rs 612 apiece in the grey market, reflecting a premium of Rs 180 or 41.67 per cent over the upper price band of Rs 432, according to sources tracking unofficial market activities.

 

Transrail Lighting IPO review

Transrail Lighting has also garnered favorable reviews from brokerages, including Anand Rathi for its initial share sale. READ MORE 

 

Transrail Lighting IPO objectives

The company plans to utilise the proceeds from the fresh issue to fund incremental working capital requirements, support capital expenditure, and meet general corporate purposes.

 

Transrail Lighting will not receive any proceeds from the offer for sale, as those proceeds will go to shareholders participating in the OFS. 

 

Transrail Lighting IPO allotment, listing date

Following the closure of the subscription window, the basis of allotment for Transrail Lighting IPO shares is expected to be finalised on Tuesday, December 24, 2024, with shares credited to investors' demat accounts by Wednesday, December 26, 2024.

 

Shares of Transrail Lighting are slated to list on the BSE and NSE tentatively on Friday, December 27, 2024.

 

About Transrail Lighting

Transrail Lighting, incorporated on February 18, 2008, is an engineering and construction company focused on power transmission and distribution, as well as manufacturing lattice structures, conductors, and monopoles. The company was originally established as a wholly-owned subsidiary of Associated Transrail Structures (ATSL). ATSL subsequently merged with Gammon India (GIL), effective April 1, 2008, according to the RHP filed by the company. This merger resulted in GIL becoming the promoter of Transrail as ATSL ceased to exist. 

 

In January 2016, Ajanma Holdings Private (AHPL), now one of Transrail's promoters, acquired 75 per cent of Transrail's equity shares from GIL. This transaction involved a Business Transfer Agreement (BTA) and a Scheme of Arrangement, transferring GIL's transmission and distribution business to Transrail. The company's initial focus was on integrated pole manufacturing, leveraging state-of-the-art manufacturing capabilities. This acquisition transformed Transrail into a full-fledged integrated transmission and distribution company.