Divgi TorqTransfer Systems' initial public offering (IPO) received bids for 4.75 lakh equity shares against an offer size of 38.41 lakh amounting to a 12 percent subscription on March 1, the first day of bidding.
Retail investors bought 60 percent shares of the total portion set aside for them in the first IPO of 2023. High networth individuals (HNIs) bid for 6 percent of the 10.47 lakh shares reserved for them.
We have seen bids for 700 shares by qualified institutional buyers, against their reserved portion of 20.95 lakh shares.
The company has reserved 75 percent of the IPO for qualified institutional buyers, 15 percent for HNIs and the remaining 10 percent for retail investors.
The automotive components manufacturer aims to raise Rs 412 crore through the issue. It mobilised Rs 185.45 crore via anchor book on February 28.
The offer comprises a fresh issuance of shares worth Rs 180 crore and an offer for sale of 39.34 lakh shares by non-promoters.
Also read: Divgi TorqTransfer Systems Rs 412-crore IPO opens; 10 things to know
The company will utilise fresh issue money for the purchase of equipment, while the offer for sale money will go to the selling shareholders.
The price band for the issue, which closes on March 3, has been fixed at Rs 560-590 a share.
Click Here To Read All IPO Related News
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
