The offer received bids for 93.62 crore shares as against 30.30 lakh shares on offer.
The initial public offer (IPO) of Delta Autocorp received bids for 93,62,78,000 shares as against 30,30,000 shares on offer. The issue was subscribed 309 times.Retail investors bid for 43,00,13,000 shares, non-institutional investors bid for 36,67,49,000 shares and qualified institutional investors bid for 13,95,16,000 shares.
The issue opened for bidding on 7 January 2025 and it closed on 9 January 2025. The price band of the IPO was set at Rs 123 to Rs 130 per share. The equity shares will list on NSE's SME platform. P<> The issue size comprised of fresh issue of 27,18,000 and offer for sale (OFS) of 3,12,000 shares by existing promoter, Ankit Agarwal.
The company intends to utilize the net proceeds to meet working capital requirements, fund expenditure towards setting up an electric three-wheeler fabrication plant & painting plant, invest in new product development, meet offer expenses and general corporate purposes.
Ahead of the Delta Autocorp on 6 January 2024, raised Rs 15.21 crore from anchor investors. The board allotted 11.70 lakh shares at Rs 130 per share to 12 anchor investors.
Delta Autocorp is primarily engaged in the manufacturing and sale of electric two-wheeled (2W) and three-wheeled (3W) vehicles. Operating under the brand name "Deltic," the company specializes in the production of innovative electric vehicles. Currently, Delta Autocorp focuses primarily on B2B transactions and operates through an extensive network of over 300 dealers spread across 25 states and Union Territories in India. As of 31 October 2024, the company had 139 employees.
The company recorded revenue from operations of Rs 45.17 crore and net profit of Rs 4.80 crore for the period from 1st April, 2024 to 31st October, 2024.
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