Wabco India surged 12.84% to Rs 6373.35 on the BSE after the company's offer for sale (OFS) concluded on Friday, 26 March 2021.
Through the OFS, the company's promoter ZF International UK offered to sell up to 17,17,388 equity shares (representing 9.05% stake).
The floor price for the OFS was set at Rs 5450 per equity share, a 10.68% discount to Wabco India's closing price of Rs 6101.90 on Wednesday, 24 March 2021.
ZF International UK held 18.1% stake in the company as on 31 December 2020.
The OFS opened on Thursday (25 March 2021) for non-retail investors, while both retail as well as non-retail investors were allowed to subscribe on Friday (26 March 2021). A total of 10% of the total offer size is reserved for retail investors.
On Thursday (T-day), the OFS received subscription for 72,54,418 shares. It was subscribed 469.34% on the base non-retail offer size of 15,45,649 shares.
Following the strong response on T-day, the company's promoter decided to exercise the oversubscription option of 6,86,955 shares (3.62% equity) in addition to the base offer.
Accordingly, the final share sale was 24,04,343 shares, constituting 12.68% of the paid-up equity share capital of Wabco India.
ZF International UK had previously stated that it would sell an additional 9.05% stake or 17,17,387 equity shares of the company in case of oversubscription, taking the total share sale to 34,34,775 shares, representing 18.1% of outstanding equity shares of the company.
As on 15:30 IST on Friday (T+1 day), the OFS received total bids for 6,29,669 shares or 366.64% of the base retail offer size of 1,71,739 shares.
The retail segment received bids for 2,72,749 shares or 158.82% of the base retail offer size. The non-retail segment received bids for 3,56,920 shares or 207.83% of the base retail offer size.
On the enhanced retail offer size of 2,40,435 shares, the OFS was subscribed 261.89% on Friday.
Wabco India manufactures automotive parts. The company produces electronic braking, stability, and suspension and transmission control systems for heavy-duty commercial trucks, trailers and buses.
The company's standalone net profit jumped 35.48% to Rs 52.43 crore on a 28.47% increase in net sales to Rs 566.50 crore in Q3 FY21 over Q3 FY20.
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