Sedemac Mechatronics IPO oversubscribed by over 46%

New Delhi: The initial public offer of Sedemac Mechatronics Ltd, a powertrain controls and auto parts manufacturer, received 46 per cent subscription on the second day of bidding on Thursday.

The IPO received bids for 26,05,218 shares as against 56,32,899 shares on offer, as per data available with the NSE.

The category for Qualified Institutional Buyers (QIBs) fetched 1.27 times subscription. The quota for non-institutional investors got subscribed 25 per cent, 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 Rs 1,087-crore initial share sale 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.