Shares of Divgi TorqTransfer Systems Ltd listed on the bourses at a premium on Tuesday.
On the NSE, the stock was listed at ₹620 per share, 5.08 percent higher than the issue price, and on the BSE, the stock was listed at ₹600 per share, 1.7 percent higher than the issue price.
The stock hit a high of ₹615.75, and a low of ₹590, on the BSE.
On the third day, the public offer was subscribed 5.44 times. The IPO of Divgi TorqTransfer Systems received fantastic response from qualified institutional buyers (QIBs), retail investors, and non-institutional investors.
The public issue that opened for subscription on March 1, closed on March 3.
The company fixed the price band at ₹560 to 590 per equity share for the proposed initial public offer.
The IPO comprised of a fresh issue of equity shares valued at ₹180 crore and an offer for sale (OFS) of 39.34 lakh shares by investors and other selling shareholders valued at ₹232 crore. Arun Ramdas Idgunji, Kishore Mangesh Kalbag, Bharat Bhalchandra Divgi, Sanjay Bhalchandra Divgi, Ashish Anant Divgi, NRJN Family Trust, and Oman India Joint Investment Fund II are a few of those selling shares.
According to the Red Herring Prospectus, the company plans to utilise the net proceeds from the fresh issue to fund capital expenditure requirements and to manage general corporate purposes.
The book running lead managers (BRLM) of the issue are Inga Ventures Private Ltd and Equirus Capital Private Ltd. The registrar to the offer is Link Intime India Private Ltd.