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Varroc Engineering IPO subscribed 3.59 times

The initial public offer (IPO) of Varroc Engineering received bids for 5.09 crore shares, data on the National Stock Exchange of India (NSE) website showed. The IPO was subscribed 3.59 times. The issue opened for subscription on 26 June 2018 and closed on 28 June 2018. The price band for the issue was fixed at Rs 965 to Rs 967 per share.

The qualified institutional buyers (QIBs) category was subscribed 9.16 times. The non institutional investors category was subscribed 2.45 times. The retail individual investors (RIIs) category was subscribed 0.95 times.

The IPO comprised an offer for sale of 2.02 crore shares by the selling shareholders consisting of promoter Tarun Jain (17.52 lakh shares), Omega TC Holdings (entire 1.69 crore shares) and Tata Capital Financial services (entire 15.52 lakh shares).

The objects of the issue were divestment and getting the benefits of listing to enhance its visibility and brand image and provide liquidity to the existing shareholders.

Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 25 June 2018, finalized allocation of 60.36 lakh shares to anchor investors at Rs 967 per share.

On a consolidated basis, Varroc Engineering reported profit after tax of Rs 450.26 crore on total income of Rs 10278.83 crore in the year ended 31 March 2018.

Varroc Engineering is a global tier-1 automotive component group. It designs, manufactures and supplies exterior lighting systems, plastic and polymer components, electrical-electronics components, and precision metallic components to passenger car (PC), commercial vehicle (CV), two-wheeler(2W), three-wheeler (3W) and off highway vehicle (OHW) original equipment manufacturers (OEMs) directly worldwide.

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