Divgi Torqtransfer IPO, the first public offering of 2023, opens March 1

Divgi Torqtransfer IPO, the first public offering of 2023, opens March 1

Automotive component maker Divgi Torqtransfer has cut the fresh issue size to Rs 180 crore from Rs 200 crore announced earlier but increased the offer for sale size to 3.93 million shares from 3.15 million





February 24, 2023 / 12:37 PM IST





IPO



Automotive component firm Divgi Torqtransfer Systems Ltd’s initial public offering, the first mainboard IPO of 2023, will open for subscription on March 1 and close on March 3.

Radiant Cash Management Services Ltd was the last mainboard IPO in December 2022 after which there were no public offerings amid market volatility.

Divgi Torqtransfer has cut the fresh issue size to Rs 180 crore from Rs 200 crore announced earlier but increased the offer for sale (OFS) size.

Earlier, the promoters and shareholders intended to sell around 3.15 million shares but have now increased the number to 3.93 million.

Oman India Joint Investment Fund II plans to sell up to 2.25 million shares, NRJN Family Trust up to 1.44 million shares, Bharat Bhalchandra Divgi 49,430 and Sanjay Bhalchandra Divgi 40,460. Ashish Anant Divgi will sell around 1.04 lakh shares, the red herring prospectus (RHP) said.

Oman India Joint Investment Fund II holds 21.71 percent stake in the