While promoter Tarang Jain will sell up to 1,752,560 shares, investor Omega TC Holdings will sell up to 16,917,130 equity shares and Tata Capital will sell up to 1,552,040 shares.
Auto parts manufacturer Varroc Engineering today launched its initial public offer (IPO) in a price range of Rs 965 to Rs 967 per share. At the upper end of the range, the IPO will raise about Rs 1,955 crore ($287.46 million). The offer consists of an offer-for-sale to the tune of 20,221,730 equity shares by promoters and existing investors.
While promoter Tarang Jain will sell up to 1,752,560 shares, investor Omega TC Holdings will sell up to 16,917,130 equity shares and Tata Capital will sell up to 1,552,040 shares.
The offer also includes a reservation of 1,00,000 shares for employees, at a discount of Rs 48 a share. The net offer aggregates up to 20,121,730 equity shares and together constitutes 15 per cent and 14.93 per cent, respectively, of the post-offer paid-up equity share capital.
The price band is fixed at Rs 965-967 per equity share and at the upper end of the price, the issue will mop up Rs 1,955 crore.
Kotak Mahindra Capital, Citigroup Global Markets India, Credit Suisse Securities (India) are global co-ordinators and bookrunners for the offer, which closes on June 28. Founded in 1990 in Aurangabad, Varroc is a global automotive component manufacturer and supplier of exterior lighting systems, power-trains, electrical and electronics, body and chassis parts to passenger car and motorcycle segments worldwide.
Varroc Engineering designs, manufactures, and supplies exterior lighting systems, plastic and polymer components, electricals-electronics components, and precision metallic components worldwide. It operates through Polymer, Electrical, Engine Valve, Forged Components, and Lighting segments.