Divgi Torqtransfer IPO: price band sets at Rs 560-590 per share; Anchor investment opens tomorrow

27 Feb 2023 , 01:33 PM

The first mainboard public offering of the year 2023 Divgi Torqtransfer Systems Ltd has set the price band at Rs 560-590 per share. The issue will open for subscription from March 1 to March 3 and the anchor bidding will open on February 28.

The automotive component firm will raise Rs 412.2 crore through the initial public offer (IPO) on the upper price band and is valued at Rs 1,624.39 crore. 

The company will finalise allotment of shares on March 9 and the stock will list on exchanges on March 14. 

It will use the net proceeds from the IPO towards acquiring equipment and machinery for the company’s manufacturing facilities. The company operates three manufacturing and assembly plants in Karnataka and Maharashtra. Additionally, construction of a new facility is underway, with 80 percent of the construction completed. This new facility, in Shirwal, Maharashtra, is expected to be fully operational by fiscal year 2024.

Inga Ventures Pvt Ltd and Equirus Capital Pvt Ltd are the lead managers to the issue.