Divgi TorqTransfer Systems IPO Subscribed 38% On Day 2
The IPO was subscribed 0.38 times, or 38%, as on 5 p.m. on March 2.
The demand for the initial stake sale of Divgi TorqTransfer Systems Ltd. was led by retail investors on the second day of its subscription.
The initial public offering comprises fresh issue of Rs 180 crore and an offer for sale of up to 39.34 lakh shares by investors and other selling shareholders at a price band of Rs 560–590 apiece. The OFS component is worth Rs 232 crore.
The auto component maker launched the Rs 412 crore IPO in a bid to raise funds for capital expenditure. The IPO was subscribed 12% on the first day.
Proceeds of almost Rs 151 crore from the sale of new shares will be used to finance capital expenditure needed to purchase equipment or machinery.
The company allotted 31.43 lakh shares to 12 anchor investors on Feb. 28, a day before launching its maiden share sale.
It issued the shares at Rs 590 apiece—the higher end of the initial public offering's price band—to raise Rs 185.45 crore from the anchor portion.
Subscription Status: Day 2
The IPO was subscribed 0.38 times, or 38%, as on 5:00 p.m. on March 2.
Institutional investors: 0.06 times.
Non-institutional investors: 0.22 times.
Retail investors: 1.56 times.