Divgi TorqTransfer stock rise; Global Surfaces offer gets fully subscribed

The IPO of Global Surfaces garnered full subscription on Tuesday, a day before its close

Shares of Divgi TorqTransfer Systems gained just 2.6 per cent during their stock market debut on Tuesday. The stock hit a high of Rs 616 and a low of Rs 557, before closing at 605 on the BSE. The auto ancillary maker had priced its shares at Rs 590 in its Rs 412-crore IPO. 

The issue had garnered around 5x subscription. In the IPO, Divgi had issued new shares worth Rs 180 crore. At the last close, the company was valued at Rs 1,851 crore. During the first half of FY23, Divgi had clocked net profit of