The initial public offering (IPO) of Divgi TorqTransfer Systems Ltd was accepted for 12% on the first day. The company has fixed its price range from Rs. 560 to rs. 590 per equity share.
75% of the stocks are for eligible qualified institutional investors.15% is for non-institutional bidders and the rest 10% is for retail investors.
On the first day, 60% of the bonds were bought by retail buyers, 6% by non-institutional bidders, and 4% by eligible qualified institutional investors.
According to the Red Herring Prospectus, the company has planned to utilize the profit of these proceedings, to fund capital expenditure requirements and to manage general corporate purposes.
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