Varroc Engineering to make stock market debut on July 06
After receiving good response to the issue, auto component maker Varroc Engineering will list its equity shares on July 06, 2018. The final issue price is fixed at higher end of price band.
The Rs 1,955-crore initial public offering was oversubscribed 3.59 times during June 26-28, driven by strong interest from institutional investors.
The public issue has received bids for 5.09 crore equity shares against offer size of 1.4 crore shares (excluding anchor investors’ portion).
The portion set aside for qualified institutional buyers was subscribed 9.16 times while non-institutional investors witnessed a subscription of 2.45 times and retail investors 95 percent.
The price band for the issue, which consisted of an offer-for-sale of 2,02,21,730 equity shares by promoter Tarang Jain and existing investors which are Tata Group companies – Tata Capital Financial Services and Omega TC Holdings, was Rs 965-967 per share.
Founded in 1990 in Aurangabad (Maharashtra), Varroc Engineering is an automotive component manufacturer and supplier of exterior lighting systems, power-trains, electrical and electronics, body and chassis parts to passenger cars and motorcycle segments worldwide.
It supplies auto parts to Jaguar Land Rover, Bentley, Audi and Harley Davidson. Besides, it supplies auto parts to giants such as Volkswagen, Ford, Honda and Bajaj Auto.
Kotak Mahindra Capital, Citigroup Global Markets India, Credit Suisse Securities India and IIFL Holdings were the book running lead managers to the issue.