Varroc IPO oversubscribed on second day of bidding as institutional investors gather in huge numbers

The IPO of Varroc Engineering which opened on Tuesday, 26 June 2018, got oversubscribed on the second day of bidding following a heavy subscription from QIBs (Qualified Institutional Investors) through NSE today. Varroc Engineering has expected to raise Rs 1,755 crore at the upper end of the price band set at Rs 965 to Rs 967. Tomorrow, 28 June 2018, will be the last day of bidding. Varroc Engineering IPO is the biggest initial share sale in India in FY19 so far. Earlier this week, Varroc Engineering garnered Rs 584 crore from anchor investors including Smallcap World Fund Inc, Nomura Fund Ireland Public Ltd, SBI Mutual Fund, DSP BlackRock and ICICI Prudential Mutual Fund.

Varroc IPO subscription details at the end of the second day of bidding

Category Shares offered Bids received Subscription (%)
Institutional Investors 4,024,346 12,772,875 317.39
Non-Institutional Investors 3,018,260 118,800 3.94
Retail Investors 7,042,606 1,554,090 22.07
Employees 100,000 33,810 33.81
Total 14,185,212 14,479,575 102.08

Varroc Engineering is a global tier-1 automotive component maker which designs, manufactures and supplies exterior lighting systems, plastic and polymer components, electricals-electronics components, and precision metallic components to the passenger cars, commercial vehicle, two-wheeler, three-wheeler and the off-highway vehicle directly worldwide. Varroc Engineering Ltd has appointed Kotak Mahindra Capital Company Ltd, Citigroup Global Markets India Pvt Ltd and Credit Suisse Securities (India) Pvt Ltd as the global co-ordinators and book running lead managers while IIFL Holdings Ltd is book running lead manager.

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