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Delta Autocorp IPO GMP Zooms: The unlisted shares of Delta Autocorp, an electric vehicle (EV) manufacturer and seller specialising in 2-wheelers and 3-wheelers, were commanding a strong grey market premium on Thursday, January 9, 2025, as the company’s initial public offering (IPO) closes for subscription today. Sources tracking grey market activity revealed that the shares were trading at Rs 246 per share, reflecting a grey market premium (GMP) of 89.23 per cent, or Rs 116 over the upper end of the issue price of Rs 130.
Delta Autocorp IPO, which opened for public subscription on Tuesday, January 7, 2025, received an overwhelming response, getting oversubscribed by 127.90 times till around 01:02 PM on Thursday, according to data from the National Stock Exchange (NSE).
The IPO is a book-built issue of Rs 54.60 crore, comprising a fresh issue of 3,888,000 equity shares and an offer for sale of 312,000 equity shares, each with a face value of Rs 10. The company had already raised Rs 15.21 crore from anchor investors during the bidding concluded on January 6, 2025.
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The price band for the offering has been set at Rs 123–130 per share, with a lot size of 100 shares. Therefore, investors can bid for a minimum of 1,000 shares, requiring a minimum investment of Rs 1,30,000.
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Link Intime India Private is the registrar for the issue, while GYR Capital Advisors is the sole book running lead manager.
The basis of allotment for the Delta Autocorp IPO shares is likely to be finalised on Friday, January 10, 2025. The company’s shares are expected to be credited into the demat accounts tentatively by Monday, January 13, 2025, and are slated to list on the NSE SME platform on Tuesday, January 14, 2025.
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Delta Autocorp, in its Red Herring Prospectus (RHP), stated that it will not receive any proceeds from the Offer for Sale. Instead, each selling shareholder will be entitled to their respective portion of the proceeds after deducting the offer expenses and taxes.
The company plans to use the fresh proceeds to fund the setup of an Electric Three-Wheeler Fabrication and Painting Plant, invest in new product development, and meet working capital requirements. A portion of the proceeds will also be used for general corporate purposes and to cover offer expenses.
Delta Autocorp manufactures and sells 2W and 3W EVs under the brand name 'Deltic,' utilising cutting-edge components sourced from reputed Original Equipment Manufacturers (OEMs). Initially focusing on the development of electric three-wheeler prototypes, the company launched its first E-Rickshaw in 2017.
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