Shares of Divgi TorqTransfer Systems closed at Rs 605 apiece, 2.63% higher than its opening price on NSE today.

It was listed at Rs 620 apeice, a 5.08% premium, on the NSE this morning, while on the BSE it was listed at Rs 600 apiece at a premium of 1.69% to their IPO price of Rs 590 apiece.

The automotive components manufacturer had launched its initial public offering between March 1 and March 3 and was subscribed 5.44 times on its final day.

Divgi TorqTransfer Systems had launched the Rs 412 crore IPO in a bid to raise funds for capital expenditure.

Proceeds of almost Rs 151 crore from the sale of new shares had been alotted for expenditure needed to purchase equipment.

The company makes transfer case systems, torque couplers, and dual-clutch transmission solutions for leading automakers in India.

It also manufactures torque transfer systems, including both four-wheel-drive and all-wheel-drive, synchronizer systems for manual transmissions and DCT, and can also develop transmission systems for electric vehicles.

It counts Mahindra & Mahindra Ltd., Tata Motors Ltd., and global suppliers such as BorgWarner among its clients.