Uniparts India IPO ends with strong subscription

Published on Dec 03, 2022 10:36

The initial public offer (IPO) of Uniparts India received bids for 25,67,01,975 shares as against 1,01,37,360 shares on offer. The issue was subscribed 25.32 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 67.14 times. The Non Institutional Investors (NIIs) category was subscribed 17.86 times. The Retail Individual Investors (RIIs) category was subscribed 4.63 times.

The issue opened for bidding on Wednesday (30 November 2022) and it closed on Friday (2 December 2022). The price band of the IPO was fixed at Rs 548-577 per share.

The issue comprised only offer for sale (OFS). The OFS comprised sale of 1,44,81,942 equity shares by selling share holders i.e. promoter selling shareholders (44,00,000 equity shares), investor selling share holders (93,34,834 equity shares) and individual selling shareholders (7,47,108 equity shares).

On post issue expanded equity, the holding of both promoter group selling shareholders will stand decline to 13.81% each from 17.51% each pre issue and that of Pamela Soni decreased to 2.69% from 10.10% pre issue. The stake of both investor selling shareholders will be nil post issue.

The objects of the offer were to achieve the benefit of listing the equity shares on the stock exchanges as well as provide an exit option, especially to investor selling shareholders as well as promoters and some of individual selling shareholders.

Ahead of the IPO, Uniparts India on Tuesday, 29 November 2022, raised Rs 250.68 crore from anchor investors. The board allotted 43.44 lakh shares at Rs 577 each to 21 anchor investors.

Uniparts India is a global manufacturer of engineered systems and solutions and supplier of systems and components for the off-highway market in the agriculture and CFM (construction, forestry, and mining) as well as aftermarket sectors on account of its presence across over 25 countries. The company is a concept-to-supply player for precision products for off-highway vehicles (OHVs), with presence across the value chain.

Uniparts` product portfolio includes core product verticals of 3-point linkage systems (3PL) and precision machined parts (PMP) as well as adjacent product verticals of power take off (PTO), fabrications and hydraulic cylinders or components thereof.

The company reported a net profit of Rs 50.52 crore and net sales of Rs 346.84 crore in three months ended on 30 June 2022.