The Retail Individual Investors (RIIs) category put in bids for 49,14,20,400 shares. The Non Institutional Investors (NIIs) category put in bids for 39,94,27,200 shares. The Qualified Institutional Buyers (QIBs) category put in bids for 20,76,51,600 shares.

The issue opened for bidding on 24 June 2024 and it closed on 26 June 2024. The price band of the IPO was fixed between Rs 95 to Rs 100 per share. The equity shares will list on NSE’s SME platform.

The IPO comprised fresh issue of 64,32,000 equity shares. The promoter and promoter group shareholding will dilute to 70.86% from 96.63% pre-issue.

The company intends to utilize the net proceeds to meet funding to working capital requirements, to meet out the capital expenditure of the company, to meet out the inorganic growth through unidentified acquisition for company and general corporate purpose.

Ahead of the IPO, Shivalic Power Control on 21 June 2024, raised Rs 18.28 crore from anchor investors. The board allotted 18.28 lakh shares at Rs 100 per share to 7 anchor investors.

Shivalic Power Control is engaged in manufacturing a variety of electric panels, including PCC, IMCC, Smart, MCC, DG synchronisation, outdoor, HT panels up to 33KV, VFD, power distribution Boards, Bus Duct, and LT & HT APFC Panels. The company has served more than 500 clients in different industries such as sugar, papers, cement, steel, FMCG, automobile etc. Its clientele in this industry includes DCM Shriram, Kalpataru Power Transmission, Jindal Steel & Power, JSW, Bikaji Foods, Dabur, Radico, Orient Papers, J K Cement, Escorts, Yamaha Motors and many more. As 31 December 2023, the company has 180 employees.

The company recorded revenue from operations of Rs 63.55 crore and net profit of Rs 7.60 crore for the period as on 31 December 2023.