The initial public offering (IPO) of automotive component maker Divgi TorqTransfer Systems was subscribed 5.44 times by the last day of the offer that opened on Wednesday, March 1, 2023 and closed on Friday, March 3, 2023. 412 crore offer with price band 560-590 per share, bids were received for 2,08,87,225 shares against 38,41,800 shares on offer.
According to market observers, Divgi TorqTransfer Systems shares are earning a premium (GMP) Of Today in the gray market under 35 60 in previous seasons.
The basis of share allotment of the public issue is expected to be finalized tomorrow i.e. Thursday, March 9, 2023 and credit of shares in demat, if allotted, will be done on March 13. Link Intime India Private Limited is the Registrar to the Public Offer. Allotment status can be checked on the Registrar’s website Here or BSE website Here,
Meanwhile, the equity shares of the company are expected to hit the market next week on Tuesday, March 14, 2023 and get listed on the leading stock exchanges BSE and NSE.
Divgi TorqTransfer Systems IPO Contains latest issue collected up to 180 crore and an offer for sale (OFS) of 39,34,243 shares. at the higher end of the price range, IPO expected a little more than 412 crores.
raised over the company 185 crore from anchor investors before its initial share sale. The company has decided to allot 31.43 lakh equity shares to 12 funds. 590 each. ICICI Prudential Mutual Fund (MF), Quant MF, Edelweiss MF, Motilal Oswal MF, Nippon India MF, Aditya Birla Sun Life Insurance Company, Origin Master Fund and Bengal Finance & Investment Pvt Ltd are among the anchor investors.
The proceeds from the new issue will be used for funding capital expenditure requirements for its manufacturing facilities and purchase of equipment for general corporate purposes.
Divgi is an automotive components unit with the capability to develop and provide system level transfer cases, torque couplers and Dual Clutch Automatic Transmission (DCT) solutions. It has three manufacturing and assembly facilities located across India.
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