New Delhi

Theinitial share sale of temperature sensing and heating solutions provider Tempsens Instruments (India) Ltd was subscribed 21.65 times on the second day of the bidding on Friday. The Rs 650-crore initial public offering (IPO) received bids for 32,86,32,350 shares against 1,51,81,667 shares on offer, as per details available on the NSE.

The portion for non-institutional investors was subscribed 52.97 times, while the category for retail investors fetched 18.65 times subscription. The qualified institutional buyers (QIBs) quota received 3.31 times subscription.

Tempsens Instruments (India) Ltd has garnered Rs 194.55 crore from anchor investors, including Temasek and SBI Mutual Fund.

The IPO of Tempsens Instruments (India) Ltd will close on August 24. The company has fixed a price band of Rs 285-300 per equity share for the offering. The IPO comprises a fresh issue of equity shares aggregating up to Rs 95 crore and an offer-for-sale of up to 1.85 crore equity shares.

At the upper end of the price band, the issue size is Rs 650 crore, and the company's post-issue market capitalisation is estimated at Rs 2,515 crore. The Udaipur-based company plans to use the proceeds for capital expenditure in electrical heating and specialised cable solutions, debt repayment, and general corporate purposes.

Incorporated in 1990, Tempsens manufactures a wide range of contact and non-contact temperature sensors and provides tailored solutions across industrial applications.

The shares are proposed to be listed on the BSE and the NSE. ICICI Securities and JM Financial are the book running lead managers to the issue.