BackDivgi TorqTransfer Systems IPO: GMP, share allotment, listing date details here
Divgi TorqTransfer Systems IPO got subscribed 5.44 times by the final day of the public offer
PremiumAutomotive component manufacturer Divgi TorqTransfer Systems' initial public offering (IPO) was subscribed 5.44 times by the last day of 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 investors quota was subscribed 1.40 times.
Divgi TorqTransfer Systems IPO comprised of fresh issue aggregating up to ₹180 crore and an Offer For Sale (OFS) of up to 39,34,243 shares. As part of the OFS, Oman India Joint Investment Fund II, NRJN Family Trust, Bharat Bhalchandra Divgi, Sanjay Bhalchandra Divgi, Ashish Anant Divgi, Arun Ramdas Idgunji and Kishore Mangesh Kalbag offloaded shares.
Divgi TorqTransfer Systems on Tuesday said it has raised more than ₹185 crore 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 finalisation of the basis of the share allotment of the public issue is expected to happen 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 been commanding a premium (GMP) of ₹72 in the grey market today. The equity shares of the company are expected to list next week on Tuesday, March 14, 2023 on the leading stock exchanges BSE and NSE.
Divgi is an automotive component entity, developing and provide system-level transfer case, torque coupler, and Dual Clutch Automatic Transmission (DCT) solutions. It has three manufacturing and assembling facilities located across India.
Proceeds from the fresh issue will be used towards funding capital expenditure requirements for the purchase of equipment for its manufacturing facilities and general corporate purposes.
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