Varroc Engineering sees tepid debut

Shares of Varroc Engineering were trading at Rs 1,024.70 at 11:25 IST on BSE, a premium of 5.97% over the issue price of Rs 967 on its debut on the bourses today, 6 July 2018.

Meanwhile, the S&P BSE Sensex was up 167.19 points or 0.47% at 35,741.74

Shares of Varroc Engineering listed at Rs 1,032 on the BSE , a premium of 6.72% over the issue price of Rs 967. The stock had hit a high of Rs 1,032 and low of Rs 1,000 so far during the day. So far, 13.68 lakh shares were traded on the counter on the BSE.

The initial public offer (IPO) of Varroc Engineering received bids for 5.09 crore shares, National Stock Exchange of India (NSE) data showed. The IPO was subscribed 3.59 times. The issue opened for subscription on 26 June 2018 and closed on 28 June 2018. The price band for the issue was fixed at Rs 965 to Rs 967 per share.

The qualified institutional buyers (QIBs) category was subscribed 9.16 times. The non institutional investors category was subscribed 2.45 times. The retail individual investors (RIIs) category was subscribed 0.95 times.

On a consolidated basis, Varroc Engineering reported profit after tax of Rs 450.26 crore on total income of Rs 10278.83 crore in the year ended 31 March 2018.

Varroc Engineering is a global tier-1 automotive component group. It designs, manufactures and supplies exterior lighting systems, plastic and polymer components, electrical-electronics components, and precision metallic components to passenger car (PC), commercial vehicle (CV), two-wheeler(2W), three-wheeler (3W) and off highway vehicle (OHW) original equipment manufacturers (OEMs) directly worldwide.

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