Wed May 28 05:40:00 UTC 2025: Okay, here’s a news article summarizing the Prostarm Info Systems IPO based on the provided text:

**Prostarm IPO Sees Overwhelming Demand, Subscribed 10 Times on Day 2**

Mumbai – Prostarm Info Systems Ltd’s initial public offering (IPO) is experiencing strong investor enthusiasm, with the issue being subscribed 10.02 times overall as of 2:51 pm on Day 2, according to data from the National Stock Exchange (NSE). The IPO, which opened on May 27th with a price band of Rs 95-Rs 105 per share, has already attracted bids for approximately 11.22 crore shares against the 1.12 crore shares on offer.

The Non-Institutional Investor (NII) segment is leading the charge, with a subscription rate of 19.64 times. Retail Individual Investors (RIIs) have also shown strong interest, subscribing 11.09 times their allocated portion. Qualified Institutional Buyers (QIBs), who typically participate more heavily on the final day, have currently subscribed 0.94 times their quota.

Day 1 saw the IPO subscribed over 3.5 times, driven by significant interest from retail and non-institutional investors. The IPO is a fresh issue of 1.6 crore shares, aiming to raise Rs 168 crore. The minimum lot size is 142 shares. The issue will remain open for subscription until May 29th.

The IPO allocation is structured with 50% reserved for QIBs, 35% for retail investors, and 15% for non-institutional investors. Choice Capital Advisors is the Book Running Lead Manager (BRLM), and KFin Technologies is the registrar.

The basis of allotment is expected to be finalized on May 30, 2025, with shares credited to investors’ demat accounts by June 2, 2025. Listing on the BSE and NSE is anticipated on June 3, 2025.

Prostarm intends to use Rs 72.5 crore from the IPO proceeds for capital expenditure and Rs 17.95 crore for debt repayment. The remaining funds will be allocated to acquisitions, strategic growth initiatives, and general corporate purposes.

Prior to the public offering, Prostarm raised approximately Rs 50.4 crore from anchor investors, including Chhattisgarh Investment Ltd, Astrone Capital VCC ARVEN, Vikasa India, and Swyom India Alpha Fund.

Prostarm Info Systems, founded in 2008, specializes in power solutions, including UPS systems, inverters, lithium-ion battery packs, and solar EPC projects. The company serves various industries, including healthcare, aviation, defence, education, and renewable energy. For the nine months ending December 2024, Prostarm reported a net profit of Rs 22.93 crore on a revenue of Rs 268.63 crore.

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