New Delhi, March 5 The initial public offer of Sedemac Mechatronics Ltd, a manufacturer of powertrain controls and auto parts, received 46 per cent subscription on the second day of bidding on Thursday.
The IPO received bids for 26,05,218 shares against 56,32,899 shares on offer, according to data available with the NSE.
The category for Qualified Institutional Buyers (QIBs) fetched 1.27 times the subscription. The quota for non-institutional investors received 25 per cent subscription, and that of Retail Individual Investors (RIIs) received 9 per cent subscription.
Sedemac Mechatronics has garnered Rs 326 crore from anchor investors.
The company's initial share sale of Rs 1,087 crore will conclude on Friday. The price band has been fixed at Rs 1,287 to Rs 1,352 per share, valuing the company at close to Rs 6,000 crore at the higher end.
The IPO is entirely an offer-for-sale (OFS) of up to 80,43,300 equity shares by promoters Manish Sharma and Ashwini Amit Dixit, and selling shareholders.
Under the OFS, A91 Emerging Fund II LLP, NRJN Family Trust, Mumbai-based Xponentia Capital Partners, Mace Pvt Ltd, 360 One group, and HDFC Life Insurance Company were the other investors who will offload their stakes in the company.
Since the public issue is 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.
ICICI Securities, Avendus Capital and Axis Capital are the book-running lead managers for the IPO.
