New Delhi, March 11 Shares of Sedemac Mechatronics Ltd, a manufacturer of powertrain controls and auto parts, closed on Wednesday with a premium of over 7 per cent against the issue price of Rs 1,352.
The stock started trading at Rs 1,510, registering a jump of 11.68 per cent from the issue price on the BSE. During the day, it surged 19.34 per cent to Rs 1,613.50. Shares of the firm finally ended at Rs 1,452.10, up 7.40 per cent.
At the NSE, the stock listed at Rs 1,535, a premium of 13.53 per cent. The stock later ended at Rs 1,451.10, registering a jump of 7.32 per cent.
The company's market valuation stood at Rs 6,412.69 crore.
The initial public offering of Sedemac Mechatronics Ltd received 2.68 times subscription on the last day of bidding on Friday.
The Rs 1,087-crore IPO had a price band of Rs 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.
Sedemac Mechatronics, based in Pune, 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.