Promising start for Uniparts’ public offer
Uniparts India’s initial public offering (IPO) was subscribed 58 per cent on Wednesday, the first day of the issue. A day earlier, the company had mobilised Rs 250 crore from anchor investors. Uniparts is a vertically-integrated precision solutions provider for the off-highway market in the agriculture; construction, forestry and mining (CFM) segment.
The price band for the IPO is set at Rs 548 to Rs 577 per share. At the top-end, the company will be valued at Rs 2,600 crore. The firm’s Rs 835-crore IPO is entirely an offer for sale. The IPO is priced at 15.6 times its FY22 earnings, which is “reasonable”, given its “robust financials”, said Motilal Oswal in a note.
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