Sandhar Technologies stock lists at 3.19% gains over issue price, hits intra-day high of 349.50

The stock of auto component maker Sandhar Technologies listed at 3.19% gains on bourses today. Compared to issue price of 332 per share, the stock opened at 345 level on the BSE. The price band for the offer was Rs 327-332. At 10:07 am, the stock was trading 3.12% higher at Rs 342 level over issue price on BSE.

The stock hit an intra day high of 349.50. Market capitalisation of the stock stood at Rs 2,056.72 crore.

On NSE, the stock opened at 346 level and hit an intra day high of 350 level. On the final day of bidding on March 21, the initial public offer was subscribed 6.18 times.  The IPO opened on March 19.

The Rs 512-crore IPO received bids for 6,71,40,270 shares against the total issue size of 1,08,72,661 shares, data available with the NSE showed.

Qualified institutional buyers (QIBs) category was subscribed 14.5 times, non institutional investors 6.39 times and retail investors 1.31 times, merchant banking sources said.

The public offer consists of fresh issue of shares worth Rs 300 crore and an offer for sale of up to 64 lakh shares (including anchor portion of 46,30,842 shares).

Sandhar Technologies raised Rs 154 crore from anchor investors on March 18.

Sandhar Technologies' IPO comprised fresh issue of equity shares worth Rs 300 crore and an offer for sale of up to 64 lakh scrips.

The company plans to use a portion of the net proceeds towards repayment of certain loan facilities and for other general corporate purposes.

ICICI Securities and Axis Capital managed the company's IPO. The company is a leader in the two-wheeler locking systems market, and the commercial vehicle rear view market in India.

It manufactures products from 29 manufacturing facilities across eight states in India, two manufacturing facilities in Spain, and one manufacturing facility in Mexico.