Sedemac Mechatronics IPO Sees 28% Subscription on Second Day, Led by Qualified Institutional Buyers

Sedemac Mechatronics IPO Update

As of the second day of bidding in the primary market, the Rs 1,087-crore initial public offer (IPO) of Sedemac Mechatronics has garnered a subscription of 28 percent. The IPO will conclude for public bidding on March 6.

According to data from the National Stock Exchange (NSE) at 11 am, the company has received bids for 15.84-lakh shares against the 56.32-lakh shares on offer. The subscription levels are as follows:

• Qualified Institutional Buyers (QIBs): 87 percent
• Retail Individual Investors (RIIs): 3 percent
• Non-institutional investors: 4 percent

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The company had earlier garnered Rs 326 crore from anchor investors. The price band has been fixed at Rs 1,287 to Rs 1,352 per share, valuing the company at close to Rs 6,000 crore at the higher end.

Sedemac Mechatronics, a Pune-based company, is a supplier of control-intensive electronic control units (ECUs) to original equipment manufacturers (OEMs) in the mobility and industrial markets in India, the US, and Europe. The company develops, designs, and manufactures sensor-less commutation-based integrated starter generators ECUs for two-wheeler and three-wheeler internal combustion engine-powered vehicles.

The company's customers include TVS Motor Company, Bajaj Auto, Kirloskar Oil Engines, Briggs and Stratton LLC, and DEIF India.

The Sedemac Mechatronics IPO allotment is expected by March 9, while share listing is proposed on March 11.

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