Divgi TorqTransfer Systems shares listed at over a 5% premium over IPO price, at Rs 620 on the NSE amid a flat domestic market. The scrip touched a high of 5.08% before settling to trade flat at a mild gain of 0.14% at Rs 590.85 over its issue price of Rs 590. A positive listing was expected as ahead of the market debut, Divgi TorqTransfer Systems shares were trading at a premium of Rs 30 in the grey market.

Divgi TorqTransfer Systems’ Rs 412 crore IPO concluded on 3 March and was subscribed 5.44 times after receiving healthy interest from all categories of investors. The price band for the IPO has been fixed at Rs 560-590 a share. The price band for the IPO has been fixed at Rs 560-590 a share. Divgi TorqTransfer Systems IPO comprises a fresh issue of 85.20 lakh shares and a sale of 39.3 lakh shares by promoters and shareholders, including by Oman India Joint Investment Fund and Nandan Nilekani.

Ahead of the IPO, the company raised Rs 185 crore from anchor investors. At the upper end of the price band, the public issue is expected to fetch Rs 412 crore. Divgi TorqTransfer Systems shares were commanding a grey market premium (GMP) of Rs 68 today. The shares of the company are expected to list on the stock exchanges BSE and NSE on Tuesday, 14 March 2023.

Divgi TorqTransfer Systems Limited is an automotive component entity. The company has the capability to develop and provide system-level transfer cases, torque couplers, and dual-clutch automatic transmission solutions. Divgi TorqTransfer Systems serves as both, systems-level solution providers and component kit suppliers, to global OEMs, such as Tata Motors and Mahindra & Mahindra, and Tier I transmission systems suppliers.

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