The offer received bids for 14.49 lakh shares as against 38.41 lakh shares on offer.
The initial public offer (IPO) of Divgi TorqTransfer Systems (DTTS) received bids for 14,49,000 shares as against 38,41,800 shares on offer, according to stock exchange data at 17:00 IST on Thursday (2 March 2023). The issue was subscribed 0.38 times.The issue opened for bidding on Wednesday (1 March 2023) and it will close on Friday (3 March 2023). The price band of the IPO is fixed at Rs 560-590 per share. An investor can bid for a minimum of 25 equity shares and in multiples thereof.
The offer comprises fresh issue of aggregating to Rs 180 crore and offer for sale of 39,34,243 equity shares.
Of the net proceeds from fresh issue, the company proposes to utilize Rs 150.71 crore towards funding capital expenditure requirements for the purchase of equipments of its manufacturing facilities and balance towards general corporate purposes.
Ahead of the IPO, Divgi TorqTransfer Systems on Tuesday, 28 February 2023, raised Rs 185.45 crore from anchor investors. The board allotted 31.43 lakh shares at Rs 590 each to 12 anchor investors.
DTTS is one of the leading players supplying transfer case systems to automotive OEMs in India and the largest supplier of transfer case systems to passenger vehicle manufacturers in India.
A transfer case is a part of the drivetrain of four-wheel-drive, all-wheel-drive, and other multiple powered axle vehicles. The transfer case transfers power from the transmission to the front and rear axles by means of drive shafts.
The company manufactures and supplies a variety of products under the broad categories of torque transfer systems (which includes four-wheel-drive and all-wheel-drive products); synchronizer systems for manual transmissions and DCT; and components for the above-mentioned product categories for torque transfer systems and synchronizer systems in manual transmission, DCT, and EVs. It has also developed transmission systems for EVs; DCT systems; and rear wheel drive manual transmissions.
The company reported a net profit of Rs 25.66 crore and revenue from operations of Rs 133.72 crore for the six months ended on 30 September 2022.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
