After tepid listing, Divgi TorqTransfer closes at Rs 605

15 Mar 2023 , 08:32 AM

An auto component manufacturer called Divgi TorqTransfer, supported by Infosys co-founder Nandan Nilekani, debuted on Tuesday at Rs620, a 5.1% premium over its initial public offering price of Rs590 per unit. 

The stock, however, dropped after the offering, dropping as much as 7% to Rs560 before closing at Rs 605.50 on NSE and at Rs 605.15 on BSE.

The following are the results of a survey conducted by the National Center for Education Statistics (NCES). Nilekani’s family trust offloaded 1.44 million shares as part of the offer for sale.

Retail investors accounted for 5.44 times of the issue’s subscriptions, which were opened for bids between March 1 and 3. The issue’s retail portion received 4.31 times as many subscriptions as its non-institutional investor and qualified institutional buyer portions, which received 1.4 times and 7.83 times subscriptions, respectively.

The business received Rs185.45 crore in a pre-IPO share sale from 12 anchor investors, including Aditya Birla Sun Life Insurance, Aurigin Master Fund, ICICI Prudential, Matthews Asia Funds, and Quant MF.

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