India's TD Power gains 7% on trading debut
TD Power Systems - which counts Baring India Private Equity, IDFC, Sequoia Capital and Ironwood Investment among its anchor investors – saw its stock rise 7% on its trading debut in Bombay. This comes after the company raised INR2.27 billion ($49 million) in its IPO, of which 40% is said to have been subscribed by private equity investors.
According to The Hindu, Ironwood Investment picked up an additional 230,000 shares, bringing its total to nearly 1.2 million shares. Another anchor investor, Axis Bank, reduced its stake by nearly 50%, selling 190,000 shares.
Other anchor investors include Smallcap World Fund and American Fund Insurance Series Global Small Capitalisation Fund, the report added. The capital raised will be allocated for TD Power's expansion of its existing manufacturing plant in Bangalore, and to build a new project office.
TD Power manufactures and designs AC generators that have an output capacity in the range of 1 to 52 megawatts. Its parts are specifically used for turbine, hydro, diesel engine, wind and gas generators, and serves a client base from around the world.
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