Home / Markets / IPO / Divgi TorqTransfer Systems sets IPO price band at Rs 560-590 per share

Divgi TorqTransfer Systems sets IPO price band at Rs 560-590 per share

The IPO will open on Wednesday and conclude on Friday

premium

Jitendra Divgi, MD, Divgi Torq Transfer Systems Ltd and Hirendra Divgi, Whole time Director, Divgi Torq Transfer Systems Ltd during an IPO Press Conference in Mumbai on Monday 27th February 2023 (Photo: Kamlesh Pednekar)

BS Reporter Mumbai

1 min read Last Updated : Feb 27 2023 | 8:41 PM IST

Pune-based auto component manufacturer Divgi TorqTransfer Systems has priced its initial public offering (IPO) between Rs 560 to Rs 590 per share. The IPO will open on Wednesday and conclude on Friday.

The IPO comprises a fresh issue of Rs 180 crore and an offer for the sale of up to Rs 232 crore by Oman India Joint Investment Fund and Nandan Nilekani ( Family Trust.

At the upper end of the price band, the issue could raise up to Rs 412 crore.

The company plans to utilise the net proceeds of the fresh issue for funding capital expenditure requirements, and for the purchase of equipment for its manufacturing facilities.

The company manufactures and supplies torque transfer systems, and synchronizer systems for manual transmissions.

The company has three manufacturing and assembling facilities at Sirsi in Karnataka, Shivare and Bhosari near Pune in Maharashtra, and one under-construction manufacturing facility located at Shirwal, Maharashtra.

The company designs, develops, manufactures and supplies turnkey solutions and components to automotive original equipment manufacturers (OEMs) across India, USA, China, Korea and Russia, amongst others.

Topics : SEBI IPOs fundings Market news