The Rs 412-crore initial public offering (IPO) of automotive components maker Divgi TorqTransfer Systems closed on March 3, with bids received for 2.08 crore equity shares against the offer size of 38.41 lakh.
The IPO, which was subscribed 5.44 times, generated a lot of interest among qualified institutional buyers (QIBs) who bought 7.83 times their quota of shares over the three-day bidding period.
Retail investors bid 4.31 times the portion set aside for them, while high networth individuals bid 1.4 times their allotted quota.
The IPO, the first of 2023, comprised a fresh issuance of shares worth Rs 180 crore and an offer for sale of shares worth Rs 232.12 crore by non-promoters. The price band for the offer was fixed at Rs 560-590 a share.
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The company is going to utilise the proceeds from the fresh issue to buy equipment and for general corporate purposes.
Divgi, which provides system-level transfer cases, torque couplers, and dual-clutch automatic transmission solutions to automotive companies, is expected to finalise the share allotment by March 9.
The company will make its market debut on March 14.
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