The offer for sale (OFS) by in Sona Koyo Steering Systems saw six times more demand than the shares on offer.
The 3.5-million offering received bids for 21 million shares, even as the stock plunged as much as 9 per cent in the secondary market.
The OFS by was promoter JTEKT Corporation, who had to reduce a 1.77 per cent stake in the company to comply with the 25 per cent minimum public shareholding norms.
The base price for the OFS was fixed at Rs 85 — 13 per cent below Thursday’s closing price of Rs 98.
The low floor price saw shares of Sona Koyo drop 8.8 per cent to Rs 89 in the opening trade. However, high demand for shares in the OFS saw the stock recouping most of the losses to close at Rs 97.5, down 0.7 per cent on the BSE.
Most of the bids came at Rs 92, the exchange data shows. Another 351,488 shares of Sona Koyo meant for retail investors — those investing up to Rs 200,000 — will be auctioned on Monday.