The stock of Divgi TorqTransfer Systems achieved a successful market entry on Tuesday when it listed for 620 rupees per share on the NSE, a premium of more than 5% above the IPO issue price of 590 rupees per share. Shares of Divgi TorqTransfer began trading at 600 on the BSE.
The initial public offering (IPO) of Divgi TorqTransfer Systems, a producer of automotive components, was subscribed 5.44 times on the final day of the offer on Friday, March 3, 2023. Against the 38,41,800 shares that were up for bid in the 412 crore offer, 2,08,87,225 shares were purchased.
Qualified institutional buyers’ (QIBs’) quota was subscribed to 7.83 times, retail individual investors’ (RIIs’) quota was subscribed to 4.31 times, and non-institutional investors’ quota was subscribed to 1.40 times.
A fresh issue with a maximum value of 180 crore and an offer to sell up to 39,34,243 equity shares were included in the initial share sale. In connection with the OFS, shares were sold by the NRJN Family Trust, Oman India Joint Investment Fund II, Bharat Bhalchandra Divgi, Sanjay Bhalchandra Divgi, Ashish Anant Divgi, Arun Ramdas Idgunji, and Kishore Mangesh Kalbag.
The share price ranged from $560 to $590. Before the first share sale, it raised more than 185 crore from anchor investors. The corporation chose to distribute 31.43 lakh equity shares to 12 funds for a price of 590 each.
The proceeds from the new issue will be put to use for general company objectives as well as paying capital expenditure needs for the purchase of equipment for its production facilities.
About Divgi TorqTransfer Systems:
The major supplier of transfer case systems to Indian makers of passenger vehicles is Divgi TorqTransfer, which provides transfer case systems to automotive Original Equipment Manufacturers (OEMs) in India.
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