Shares of Sedemac Mechatronics Ltd, a powertrain controls and auto parts manufacturer, on Wednesday listed with a premium of 13.5% against the issue price of ₹1,352.
Sedemac Mechatronics Shares Jump 13.5 Pc in Debut Trade
The stock started trading at ₹1,510, registering a jump of 11.68% from the issue price on the BSE. Later, it surged 19.34% to ₹1,613.50
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The stock started trading at ₹1,510, registering a jump of 11.68% from the issue price on the BSE. Later, it surged 19.34% to ₹1,613.50.
At the NSE, the stock listed at ₹1,535, a premium of 13.53%.
The company's market valuation stood at ₹6,825.38 crore.
The initial public offering of Sedemac Mechatronics Ltd received 2.68 times subscription on the last day of bidding on Friday.
The ₹1,087-crore IPO had a price band of ₹1,287-1,352 per share.
The IPO was entirely an Offer For Sale (OFS) of up to 80,43,300 equity shares.
Since the public issue was completely an OFS, Sedemac Mechatronics will not receive any proceeds from the IPO.
Pune-based Sedemac Mechatronics is a supplier of control-intensive, critical-to-the-application 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 included TVS Motor Company, Bajaj Auto, Kirloskar Oil Engines, Briggs and Stratton LLC, and DEIF India.
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