Bengaluru-based Sansera Engineering's initial public offering (IPO) was subscribed 19 percent so far on Tuesday, the first day of the bidding process. The auto component maker's IPO, estimated at Rs 1,283 crore, will close for subscription on Thursday, September 16.
By noon, the Sansera IPO received a total of 23.5 lakh bids for its total issue size of 1.2 crore shares, marking a subscription of 19 percent.
The company has set a price band of Rs 734-744 for the issue. Investors can bid for Sansera shares under the IPO in the multiples of 20 shares. At the upper end of the price band, one lot will cost investors Rs 14,880. Retail investors can apply for up to 13 lots (260 shares).
The issue is a complete offer for sale (OFS) of 1.7 crore equity shares by existing shareholders. Client Ebene will sell 86.4 lakh shares and CVCIGP II Employees EBENE 48.4 lakh shares. S Sekhar Vasan will offload 20.6 lakh shares, and Unni Rajagopal K, FR Singhvi and D Devaraj will each sell 5.7 lakh shares. The company will not receive any proceeds from the issue.
Half of the issue is reserved for qualified institutional buyers (QIBs), 35 percent for retail investors, and 15 percent for non-institutional investors. The company has also reserved shares worth Rs nine crore for employees who will get a discount of Rs 36 to the final issue price.
Sansera Engineering shares are likely to be listed on BSE and NSE on September 24.
Sansera Engineering is a manufacturer of a range of precision forged and machined components and assemblies for the two-wheeler, passenger vehicle and commercial vehicle segments. It has 16 manufacturing facilities, out of which, 15 are in India and one in Sweden.
First Published: IST