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Divgi TorqTransfer Systems IPO: What GMP signals ahead of share allotment


Automotive component manufacturer Divgi TorqTransfer Systems’ initial public offering (IPO) was subscribed 5.44 times by the last day of offer that opened on Wednesday, March 1, 2023 and concluded on Friday, March 3, 2023. The 412 crore-offer, with a price band of 560-590 a share, received bids for 2,08,87,225 shares against 38,41,800 shares on offer.

As per market observers, Divgi TorqTransfer Systems shares have been commanding a premium (GMP) of 35 in the grey market today, lower from 60 in the previous sessions. 

The finalisation of the basis of the share allotment of the public issue is expected to happen tomorrow i.e., on Thursday, March 9, 2023 and if allotted, the credit of shares to demat will be done on March 13. Link Intime India Private Ltd is the registrar of the public offer. One can check the allotment status on the registrar’s website here or BSE’s website here

Meanwhile, the equity shares of the company are expected to make their market debut next week on Tuesday, March 14, 2023 and list on the leading stock exchanges BSE and NSE.

Divgi TorqTransfer Systems IPO comprised of fresh issue aggregating up to 180 crore and an Offer For Sale (OFS) of up to 39,34,243 shares. At the upper-end of the price, the IPO was expected to fetch a little more than 412 crore.

The company raised more than 185 crore from anchor investors ahead of its initial share sale. The company decided to allot 31.43 lakh equity shares to 12 funds at 590 apiece. ICICI Prudential Mutual Fund (MF), Quant MF, Edelweiss MF, Motilal Oswal MF, Nippon India MF, Aditya Birla Sun Life Insurance Company, Aurigin Master Fund and Bengal Finance and Investment Pvt Ltd are among the anchor investors.

Proceeds from the fresh issue will be used towards funding capital expenditure requirements for the purchase of equipment for its manufacturing facilities and general corporate purposes.

Divgi is an automotive component entity which has the capability to develop and provide system level transfer case, torque coupler, and Dual Clutch Automatic Transmission (DCT) solutions. It has three manufacturing and assembling facilities located across India.

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