Check day 2 live subscription status of Divgi TorqTransfer Systems IPO

2 Mar 2023 , 12:00 PM

Divgi TorqTransfer Systems, an automotive component manufacturer’s initial public offering (IPO) has received 20% subscription on day 2 on March 2 by 11.45 AM. 

As per the BSE data, bids received for 7,57,425 equity shares against 38,41,800 shares on offer. The retail category was subscribed 93% and that of non-institutional investors got 10% subscription. Only 700 shares by qualified institutional buyers, against their reserved portion of 20.95 lakh shares.

The Initial Public Offer (IPO) has fresh issue aggregating up to Rs 180 crore and an Offer For Sale of up to 39,34,243 shares. The price band is Rs 560-590 a share.

As per the reports, the company has also raised more than Rs 185 crore from anchor investors.

The company will use net proceeds from the fresh issue will be used towards funding capital expenditure requirements for the purchase of equipment for its manufacturing facilities and general corporate purposes.

Inga Ventures and Equirus Capital are the managers to the offer.

Shares of the company will be listed on March 14 on the BSE and NSE.