 "Precision Camshafts' IPO subscribed 1.8 times")
The initial public offering (IPO) of Precision Camshafts sailed through comfortably with 1.8 times subscription at the close of the issue on Friday. The Rs 410 crore public issue received 28.6 million bids against 15.9 million on offer. The auto ancillary firm had earlier raised Rs 123 crore from anchor investors. Precision was the first IPO of calendar year 2016. It was also the first issue after Sebi shortened the IPO timeline (time taken between IPO closing and first day of listing) from 13 days to just six. The qualified institutional buyer segment of the IPO was subscribed 2.6 times while retail portion was subscribed 1.8 times and high-net-worth individual portion remained undersubscribed at 0.73 times.
Precision is a global supplier of camshafts, a critical component in automobile engines.
Ford and General Motors are the company’s biggest clients and account for nearly 65 per cent of its revenues.
