The initial public offer of auto component maker Sansera Engineering was subscribed 53 per cent on the first day of subscription on Tuesday.
The IPO received bids for 64,18,880 shares against 1,21,09,166 shares on offer, according to data available with the NSE.
The category for qualified institutional buyers (QIBs) was subscribed 29 per cent, while non-institutional investors seven per cent and retail individual investors (RIIs) 87 per cent.
The initial public offer (IPO) is of 1,72,44,328 equity shares. The price range for the offer is Rs 734-744 per share.
Sansera Engineering Ltd has mopped up Rs 382 crore from anchor investors.
At the upper end of the price band, the initial share sale is expected to garner Rs 1,283 crore.
The company expects that listing of the equity shares will enhance its visibility and brand image and provide liquidity to shareholders. Also, the listing will provide a public market for the equity shares.
This is the company's second attempt to go public. Earlier, Sansera Engineering had filed IPO papers with Sebi in August 2018 and had also received its clearance to float the public issue. However, it did not go ahead with the launch.
The Bengaluru-based firm is an engineering-led integrated manufacturer of complex and critical precision engineered components across automotive and non-automotive sectors.
Within the automotive sector, the company manufactures a wide range of precision forged and machined components and assemblies that are critical for engine, transmission, braking and other systems for the two-wheeler, passenger vehicle and commercial vehicle verticals.
In the non-automotive sector, Sansera Engineering manufactures precision components for the aerospace, off-road, agriculture and other segments, including engineering and capital goods.
ICICI Securities, IIFL Securities and Nomura Financial Advisory and Securities (India) are the managers to the offer.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)