Power Mech Projects, a power infrastructure services company, received overwhelming response to its initial public offering (IPO) from investors. The issue has subscribed 38.06 times on both the NSE and the BSE as per data available till 6 p.m.

The IPO which closed today received 113.73 million bids as against issue size of 2.99 million shares. A total of 4.6 million bids were received at cut off price.

The company had set price band of Rs. 615 to Rs. 640 a share. The equity shares will be listed on the NSE and the BSE. Kotak Mahindra Capital Company, IIFL Holdings and Motilal Oswal Investment Advisors acted as book running lead managers.

Power Mech Projects is engaged in the business of i) erection Work which includes erection, testing and commissioning of boilers, turbines and generators (ETC-BTG) and balance of plant (BOP) for power sector; ii) operation & maintenance (O&M) which includes annual maintenance contracts, other repairs, renovation & modernization, residual life assessment, scheduled shutdowns, retro fits, as well as overhauling, maintenance an upgradation services for power plants; and iii) civil works which includes various civil and construction jobs for the main plant and BOP requirements including excavation, piling, concreting, architectural and building works.