IPO Update: Varroc Engineering IPO subscribed 1.44 times at noon on last day

The only IPO open for a subscription this week has witnessed a steady flow of interest from investors. The IPO will close on June 28, Thursday. The price band of the Varroc Engineering is Rs. 965.00 to 967.00 per share of face value Rs. 1 and the lot size is 15 equity shares.

The Initial Public Offering (IPO) of Varroc Engineering, a direct supplier to original equipment manufacturers (OEMs) opened for subscription on June 26. The company manufactures components for automotive industry including exterior lighting systems, plastic and polymer parts, electrical parts and precision metallic part for two-wheeler, three-wheeler and four-wheeler vehicles. The company has stated Motherson Sumi, Bharat Forge, Endurance Technologies as its peers in the listing documents.

At 12:15 hours, the IPO was subscribed 1.14 times on its last day of subscription. The issue size of the offer is 1,41,85,212 equity shares. Of the total bids 1,62,23,445 received, 27,75,885 bid were received at cut-off price. Meanwhile, 18 Anchor Investors (AIs) subscribed to 60,36,518 equity shares of the company at the top end of its price band.

The two IPOs that closed last week, namely, RITES Limited and Fine Organic are scheduled to be listed on the stock exchanges on Monday, July 2.