Shares of automotive component maker Divgi TorqTransfer Systems made their debut on Tuesday with the stock listing at ₹620, premium from the issue price of ₹590 on the NSE. On the day of its shares listing, Quant Mutual Fund (MF) and Sageone Investment Managers picked up stake in the company whereas Morgan Stanley Asia (Singapore) sold, as per the block deals data.
Divgi TorqTransfer Systems shares rose for the second consecutive day on Wednesday by rising more than 3% to ₹633 apiece on the BSE in opening trading session today. The company is commanding a market valuation of ₹1,880 crore on the BSE.
The NSE block deals data showed that Quant MF bought 2,63,951 equity shares of Divgi TorqTransfer at an average price of ₹588.8 per share on Tuesday. Meanwhile, Sageone Investment Managers picked up 3,60,571 shares at an average price of ₹597.5. However, Morgan Stanley Asia (Singapore) sold 3,73,611 shares of the company at an average price of ₹590.
The Initial Public Offering (IPO) of Divgi TorqTransfer Systems was subscribed 5.44 times and concluded on March 3. The offer had a fresh issue aggregating up to ₹180 crore and an offer for sale (OFS) of up to 39.34 lakh equity shares.
The price band was at ₹560-590 per share. It 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.
Proceeds from the fresh issue is said to be used for funding capital expenditure requirements for the purchase of equipment for its manufacturing facilities and general corporate purposes.
The Pune-based firm is an automotive component entity which has the capability to develop and provide system level transfer case, torque coupler, and Dual Clutch Automatic Transmission (DCT) solutions.
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