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Shares of Divgi TorqTransfer Systems, the first to be listed in 2023 on the main board of the exchanges, closed the day one on flat note. As against the IPO price of ₹590, the stock closed at ₹605.15 on the BSE and at ₹605.50 on the NSE.
During the day, the stock touched a high of ₹620 and a low of ₹560 on the NSE, while on the BSE, the corresponding figures are ₹615.75 and ₹557.20. The issue was subscribed 5.44 times. While the retail portion received bids for 4.31 times, the quota allocated for HNIs saw bids 1.41 times and QIBs 7.83 times.
The IPO consisted of a fresh issue of equity shares worth ₹180 crore and an offer for sale (OFS) of 39.34 lakh shares (worth ₹232 crore) by investors and other selling shareholders. As a part of the IPO process, the company had raised ₹185 crore from anchor investors.
Proceeds from the fresh issue will be used for capital expenditure requirements for the purchase of equipment for its manufacturing facilities and general corporate purposes. Divgi TorqTransfer develops and provides system-level transfer case, torque coupler and DCT solutions, to automotive original equipment manufacturers through its three manufacturing and assembling facilities in India.
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