Varroc Engineering IPO open for subscription at price band of ₹965 - ₹967 - Hindustan Times
close_game
close_game

Varroc Engineering IPO open for subscription at price band of 965 - 967

Hindustan Times, New Delhi | By
Jun 26, 2018 11:58 AM IST

Automative parts-maker Varroc Engineering’s offer for sale for over 2 crore equity shares will remain open until June 28.

The initial public offer (IPO) for the Aurangabad-based automative parts manufacturer Varroc Engineering Ltd opened on Monday, with a price band of 965 - 967 per equity share.

(Image: Varrocgroup.com)
(Image: Varrocgroup.com)

The offer for sale for more than 2.02 crore equity shares, including around 60 lakh shares reserved for anchor investors, by promotors and existing investors may raise close to 2000 crore on the upper end of the price band.

Hindustan Times - your fastest source for breaking news! Read now.

The issue will remain open till June 28, and can be subscribed to in a lot size of 15 equity shares, and in multiples thereafter.

Varroc has raised over 583 crore from the sale of 6,036,518 equity shares to 30 anchor investors at 967 apiece, the company said in a filing to the stock exchanges on Monday.

Anchor investors who have bought the shares include international funds such as DSP BlackRock, Nomura Fund Ireland Plc, Schroder International Selection Fund, and domestic investors such as ICICI Prudential, L&T mutual fund, Kotak Mutual Fund and SBI Mutual Fund.

Varroc is a leading global passenger car lighting supplier, and is one of the top 2-wheeler automative components supplier in India. The company is an OEM (original equitment maker) for international companies such as Bentley, Vokswagen, Audi, General Motors, Harley Davidson, KTM and domestic brands including Bajaj Auto and Tata Motors.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On