Auto component maker Sandhar Technologies made its debut on Dalal Street with a premium of 4 per cent at Rs 345 on the BSE against its issue price of Rs 332. On NSE, the stock listed at Rs 346. The company's Rs 512-crore IPO was open during March 19-21 and was subscribed 6.2 times.

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Sandhar Technologies received good response on listing day following positive momentum in auto stocks as March auto sales numbers started trickling in for auto majors.

The Sandhar Technologies share price rallied as much as 5.42 per cent to Rs 350 on the NSE.  

The Sandhar Technologies IPO had come up with a fresh issue of shares worth Rs 300 crore and an offer for sale of up to 64 lakh shares, which included anchor portion of 46,30,842 shares. The price band was fixed at Rs 327-332.

ICICI Securities and Axis Capital were the book running lead managers to the offer.

Brokerage Angel Broking had recommened 'subscribe' on the issue. Sandhar is continuously diversifying its product portfolio and expanding its customer base by offering high value added products and focusing on exports. In terms of valuations, the pre-issue P/E works out to 25x 1HFY2018 annualized earnings (at the upper end of the issue price band), which is lower compared to its closest peer Minda Corporation (trading at 30x its 1HFY2018 annualized earnings). Hence, considering the above positive factors, better ROE profile and reasonable valuations, we recommend SUBSCRIBE rating," said Angel Broking in its pre-IPO note. 

Sandhar Technologies is a customer centric component supplier primarily catering to automotive OEMs and largely focused on safety and security systems of vehicles with a pan India presence and a growing international footprint.