Divgi TorqTransfer Systems IPO drew 12% on day one

Divgi TorqTransfer Systems IPO Subscription Status: IPO by auto component maker Divgi TorqTransfer Systems received a 12 percent subscription on the first day of selling on Wednesday.

According to an update from the NSE, bids were received for 4,75,800 shares against 38,41,800 shares offered.

The retail investors (RIIs) category received 60 percent subscriptions and the non-institutional investors category received 6 percent subscriptions.

The initial public offering (IPO) involves a new issue totaling up to Rs 180 crore and an offering for sale of up to 39,34,243 shares. The price range is Rs 560-590 per share.

Divgi TorqTransfer Systems announced on Tuesday that it has raised more than Rs 185 crore from anchor investors.

At the higher end of the price, the IPO is expected to bring in just over Rs 412 crore.

Proceeds from the reissuance will be used to fund capital expenditures to purchase equipment for the production facilities and general corporate purposes.
Inga Ventures and Equirus Capital are the managers of the offering.

The company’s shares will be listed on March 14 on the BSE and NSE.

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