Pace Digitek IPO Receives 55% Subscription on Day Two

Pace Digitek's initial public offering garnered a 55% subscription on its second day, driven by various investor categories. The offering, aimed at raising capital for infrastructure and general purposes, sees strategic demand from non-institutional and retail individual investors, highlighting the company's strong standing in telecom infrastructure.

Pace Digitek's debut on the public offering scene saw notable engagement, with the IPO achieving a 55% subscription by the second day, according to figures from the NSE. This initial share sale underscores investor confidence in the Bengaluru-based telecom infrastructure firm.

Non-institutional investors led the charge with a 78% subscription, while retail individual investors contributed a robust 62%. However, qualified institutional buyers showed more restrained interest with a mere 23% subscription rate. The company has successfully raised over Rs 245 crore from anchor investors.

Priced between Rs 208 and Rs 219 per share, the IPO aims to raise Rs 819.15 crore through fresh share issuance. Proceeds are earmarked for capital expenditures and general corporate initiatives, reinforcing the company's strategic growth plans in the telecom sector.

(With inputs from agencies.)