Divgi TorqTransfer Systems IPO Subscribed 12% On Opening Day

Divgi TorqTransfer Systems Ltd. launched its initial public offering as the auto component maker looked to raise funds for capital expenditures.

The company allocated shares to anchor investors on Tuesday. The IPO comprises a fresh issue of Rs 180 crore and an offer for sale of up to 39.34 lakh shares by investors and other selling shareholders at a price band of Rs 560–590 apiece. The OFS component is worth Rs 232 crore. 

Proceeds of almost Rs 151 crore from the sale of new shares will be used to finance capital expenditures needed to purchase equipment or machinery. 

• Duration: March 1 to 3

• Fresh issue: Rs 180 crore

• Offer for sale: 39.34 lakh shares.

• Price band: Rs 560-590 per share.

• Issue size: Fresh issue of Rs 180 crore.

• Face value: Rs 5 apiece.

• Lot size: 25 shares and multiple.

• Listing on: BSE and NSE.

• Lead managers: Inga Ventures Pvt. and Equirus Capital Pvt.

The IPO was subscribed 0.12 times or 12% as of 5.00 pm on March 1.

• Institutional investors: Zero

• Non-institutional investors: 0.06 times or 6%

• Retail investors: 0.60 times or 60%

• Employee Reserved: Zero

• Reservation Portion Shareholder: Zero

Niche Auto Ancillary Player In Transmission System: ICICI Direct