Following a positive response to its initial public offering (IPO), Uniparts India announced on Wednesday the finalization of its share allocation basis. The technical systems and solutions provider is now gearing up for a share cancellation next week. Uniparts India’s IPO received an overwhelming 25.32 bids at the close of filing last Friday, December 2. against, the IPO is likely to debut at a premium above the price range. Shares of Uniparts will be available on Thursday at a premium (GMP) of Rs 60 on the gray market, IPO Watch revealed. This means that the gray market expects the IPO of Uniparts India, which was offered with a price range of Rs 548 to 577, to be quoted at around Rs 637 (Rs 577 + 60). However, it should be noted that the gray market is highly speculative in nature and trading based on GMP trends is not recommended. To minimize risk, all stock market trading should be based on research into the company’s fundamentals and market trends.
At the high end of the price range, the Uniparts India public offering is expected to fetch Rs 836 crore. The 1,44,81,942 shares of Uniparts India being offered are entirely an Offer for Sale (OFS) and the company will receive no proceeds from the public offering.
The company received 25,66,29,175 offers against the 1,01,37,360 shares tendered. The IPO received an overwhelming response across all categories. The shares intended for Qualified Institutional Buyers (QIBs) were subscribed 67.14 times, while the quota for non-institutional investors Retail Individual Investors (RIIs) were subscribed 17.86 and 4.61 times respectively. The company has raised Rs 251 crore from anchor investors ahead of its IPO
Uniparts India is a global manufacturer of engineering systems and solutions. Founded in 1994, the company is one of the leading suppliers of systems and components to the off-highway market in the agriculture and construction, forestry and mining, and aftermarket sectors due to its presence in more than 25 countries.
Read all the latest business news here