Divgi TorqTransfer Systems IPO subscribed 5.44 times on final day of offer

Automotive component manufacturer Divgi TorqTransfer Systems' initial public offering was subscribed 5.44 times on the last day of offer on Friday.

The Rs 412 crore-offer received bids for 2,08,87,225 shares against 38,41,800 shares on offer, according to data available with the NSE.

The quota meant for Qualified Institutional Buyers (QIBs) got subscribed 7.83 times, the category for Retail Individual Investors (RIIs) received 4.31 times subscription and the non-institutional investors quota was subscribed 1.40 times.

The Initial Public Offering (IPO) comprises a fresh issue aggregating up to Rs 180 crore and offer of sale of up to 39,34,243 equity shares. The price band is Rs 560-590 per share.

Divgi TorqTransfer Systems on Tuesday said it has raised more than Rs 185 crore from anchor investors.

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

Shares of the company will be listed on March 14 on the BSE and NSE.