Varroc Engineering shares list with 5% premium at Rs 1015
Auto component maker Varroc Engineering started off trade at Rs 1015 on the first day Friday. The stock price gained 5 percent against the issue price of Rs 967.
At 10:03 hours IST, it was trading at Rs 1012.95, up 4.75 percent on the NSE.
On BSE, the stock opened at Rs 1,032 on first day of trade.
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 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.