Auto component maker Varroc Engineering made a decent debut on Friday, listing at Rs 1,032 on BSE, a 6.72% premium over its issue price of Rs 967. On NSE, the scrip got listed at Rs 1,015, up 4.96%.
At 10:11 am, the stock was trading at Rs 1,010, 4.5% up as comapred to issue price but 2% lower than its open price on BSE. On comparison, the S&P BSE Sensex was trading 0.3% higher.
The Rs 19.55-billion initial public offering, which ran from June 26 to June 28, was subscribed 3.6 times led by strong institutional demand.
The price band for the issue, which consisted of an offer-for-sale of 2,02,21,730 equity shares by promoter Tarang Jain and existing investors which are Tata Group companies - Tata Capital Financial Services and Omega TC Holdings, was Rs 965-967 per share.
Founded in 1990 in Aurangabad (Maharashtra), Varroc Engineering is an automotive component manufacturer and supplier of exterior lighting systems, power-trains, electrical and electronics, body and chassis parts to passenger cars and motorcycle segments worldwide.
It supplies auto parts to Jaguar Land Rover, Bentley, Audi and Harley Davidson. Besides, it supplies auto parts to giants such as Volkswagen, Ford, Honda and Bajaj Auto.