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Varroc Engineering IPO Subscribed 1.17 Times on the Last Day
As of Thursday, the Varroc Engineering IPO (initial public offering) was subscribed by 117 percent. The issue was offering shares in the price band of Rs 965 to 967 at the lot of 15 shares and its multiples. The NSE data at 12:52 pm showed total bids at 1,65,51,960 shares against the issue size of 1,41,85,212 shares.
QIB (qualified institutional buyers) category was received 3.28 times the subscriptions, while NII (non-institutional investors) got 0.11 times. Retail investors category was subscribed 0.48 times, while employees quota saw 0.5 times the subscription.
The Aurangabad-headquartered auto component maker, Varroc Engineering Ltd opened its IPO on Tuesday, 26 June 2018 with a target to raise Rs 1,955.44 crore on the upper price band, making it the biggest IPO in the financial year 2018-19 so far. It is a Tier-1 automotive company, which directly supplies auto parts to Original Equipment Manufacturers (OEMs). Its two-wheeler customers in India include Bajaj Auto, Honda, Royal Enfield, India Yamaha Motor, Suzuki Motorcycle India and Hero MotoCorp. It also exports to international brands namely KTM and Volvo from its Indian units.
