Divgi TorqTransfer stock rise; Global Surfaces offer gets fully subscribed

Shares of Divgi TorqTransfer Systems gained just 2.6 per cent during their stock market debut on Tuesday. The stock hit a high of Rs 616 and a low of Rs 557, before closing at 605 on the BSE. The auto ancillary maker had priced its shares at Rs 590 in its Rs 412-crore IPO. 

The issue had garnered around 5x subscription. In the IPO, Divgi had issued new shares worth Rs 180 crore. At the last close, the company was valued at Rs 1,851 crore. During the first half of FY23, Divgi had clocked net profit of  Rs 25.7 crore on sales of Rs 134 crore.

The IPO of Global Surfaces garnered full subscription on Tuesday, a day before its close. 

The retail portion of the issue was subscribed 1.4x, while the high networth portion (HNI) was covered 1.4x. The institutional investor portion of the issue was subscribed just 4 per cent. 

In the IPO, Global Surfaces is issuing fresh shares worth nearly Rs 120 crore. The issue also comprises secondary share sale worth Rs 36 crore. 

The price band for the IPO is Rs 133-140 per share. During the first half of FY23, the company has reported revenue of Rs 99 crore and profit after tax of Rs 13.6 crore.