Divgi Torqtransfer Systems IPO listed on bourses at 5% premium

14 Mar 2023 , 10:06 AM

The shares of Divgi Torqtransfer Systems has made debut on the Dalal Street at Rs 630 with 5.08% premium on NSE and Rs 600 with 1.69% premium on NSE. The company had issued its shares at a price band of Rs 560-590 apiece.

As per BSE Data, the issue was subscribed 5.44 times, driven by strong subscription from retail investors. The retail portion was subscribed 4.31 times, while non-institutional investors (NIIs) made bids 1.4 times. The Qualified Institutional Buyers (QIBs) portion received bids 7.83 times more than the allotted part. 

About 75% of the offer was reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors and 10% for retail investors.

As per RHP, the company deals in the segment with high entry barriers with advantage of an experienced management team. The company had also demonstrated consistent financial performance over the years. It is one of the few players in India that has the ability to develop and supply system-level transfer cases and is the only company to make torque couplers.

The public issue comprised fresh equity issues worth Rs 180 crore and an offer for sale (OFS) of 39.34 lakh shares by investors and other selling shareholders.