Sansera Engineering IPO subscribed 53% on the first day of subscription - check details here
The auto component maker Sansera Engineering's initial public offer (IPO) was subscribed 53 per cent on the first day of subscription on Tuesday.
The initial share sale to be open for two more days till September 16, 2021.
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The IPO received bids for 64,18,880 shares against 1,21,09,166 shares offered, as per the data available with the exchanges.
The quota reserved for qualified institutional buyers (QIBs) was subscribed 29 per cent, while non-institutional investors category got seven per cent and retail individual investors (RIIs) 87 per cent.
The IPO is of 1,72,44,328 equity shares with a price range of Rs 734-744 per share. It is expected to garner Rs 1,283 crore at the upper end of the price band. the company has mopped up Rs 382 crore from anchor investors.
The company expects that listing of the equity shares will enhance its visibility and brand image and provide liquidity to shareholders, and it will provide a public market for the equity shares.
This is the company’s second attempt to go public. Earlier, Sansera Engineering had filed IPO papers with SEBI in August 2018 and had also received its clearance to float the public issue. However, it did not go ahead with the launch.
The Bengaluru-based firm is an engineering-led integrated manufacturer of complex and critical precision engineered components across automotive and non-automotive sectors.
Within the automotive sector, the company manufactures a wide range of precision forged and machined components and assemblies that are critical for engine, transmission, braking and other systems for the two-wheeler, passenger vehicle and commercial vehicle verticals.
In the non-automotive sector, Sansera Engineering manufactures precision components for the aerospace, off-road, agriculture and other segments, including engineering and capital goods.
ICICI Securities, IIFL Securities and Nomura Financial Advisory and Securities (India) are the managers to the offer.
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