The share price of auto component maker Varroc Engineering closed at Rs 1040.55 on Friday, a gain of 7.6 percent over its issue price of Rs 967 on the BSE.
The stock has touched an intraday high of Rs 1,062 and an intraday low of Rs 1,000.
The Rs 1,955-crore initial public offering was oversubscribed 3.59 times during June 26-28, driven by strong interest from institutional investors.
The price band for the issue, which consisted of an offer-for-sale of 2,02,21,730 equity shares by promoter Tarang Jain and existing investors which are Tata Group companies - Tata Capital Financial Services and Omega TC Holdings, was Rs 965-967 per share.
Founded in 1990 in Aurangabad (Maharashtra), Varroc Engineering is an automotive component manufacturer and supplier of exterior lighting systems, power- trains, electrical and electronics, body and chassis parts to passenger cars and motorcycle segments worldwide.
It supplies auto parts to Jaguar Land Rover, Bentley, Audi and Harley Davidson. Besides, it supplies auto parts to giants such as Volkswagen, Ford, Honda and Bajaj Auto.
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.
