Sedemac Mechatronics IPO Sees 78% Subscription Rate as of Final Bidding Day, QIB Portion Fully Booked
Sedemac Mechatronics IPO Sees 78% Subscription on Final Day
The initial public offer (IPO) of Sedemac Mechatronics, a powertrain controls and auto parts manufacturer, received bids for 44.07-lakh shares on the final day of bidding, representing a 78% subscription rate. This figure is based on data available with the NSE until 12:20 pm.
QIBs led the subscription category, with a 2.26 times subscription rate, while the quota for Non-Institutional Investors saw a 32% subscription rate and Retail Individual Investors (RIIs) received a 12% subscription rate.
The company had previously garnered Rs 326 crore from anchor investors. The IPO, which has a Rs 1,087-crore initial share sale, will conclude on Friday. The price band has been fixed at Rs 1,287 to Rs 1,352 per share, valuing the company at Rs 6,000 crore at the higher end.
Sedemac Mechatronics, a Pune-based company, supplies control-intensive electronic control units (ECU) to original equipment manufacturers (OEMs) in the mobility and industrial markets in India, the US, and Europe. The company's customers include TVS Motor Company, Bajaj Auto, Kirloskar Oil Engines, Briggs and Stratton LLC, and DEIF India.
The company's IPO allotment is expected by March 9, with a proposed listing on March 11.
Investor Takeaway
Investors should note that the IPO has seen a strong subscription rate, particularly from QIBs, indicating potential interest in the company.
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