Divgi TorqTransfer Systems IPO:
Automotive component manufacturer Divgi TorqTransfer Systems’ initial public offering (IPO) was subscribed 5.44 times by the last day of the offer that opened on Wednesday, March 1, 2023, and concluded on Friday, March 3, 2023. The ₹412 crore offer received bids for 2,08,87,225 shares against 38,41,800 shares on offer, as per NSE data.
The quota meant for Qualified Institutional Buyers (QIBs) got subscribed 7.83 times, the category for Retail Individual Investors (RIIs) received 4.31 times subscription, and the non-institutional investor’s quota was subscribed 1.40 times.
Divgi TorqTransfer Systems IPO GMP today
Divgi TorqTransfer Systems IPO comprised Divgi TorqTransfer Systems on Tuesday said it has raised more than ₹185 crores from anchor investors ahead of its initial share sale. The company decided to allot 31.43 lakh equity shares to 12 funds at ₹590 apiece. The price band was set at ₹560-590 a share.
The finalization of the basis of the share allotment of the public issue is expected this week on Thursday, March 9, 2023. Link Intime India Private Ltd is the registrar of the public offer.
As per market observers, Divgi TorqTransfer Systems shares have commanded a premium (GMP) of ₹72 in today’s grey market. The company’s equity shares are expected to list on Tuesday, March 14, 2023, on the leading stock exchanges BSE and NSE.
Divgi is an automotive component entity developing and providing system-level transfer cases, torque coupler, and Dual Clutch Automatic Transmission (DCT) solutions. It has three manufacturing and assembling facilities located across India.
Proceeds from the new issue will fund capital expenditure requirements to purchase equipment for its manufacturing facilities and general corporate purposes.
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