Sandhar Technologies Rises 5.4% Above IPO Price On Stock Market Debut
Sandhar Technologies Ltd. listed at a premium of 4.3 percent at Rs 346.10 per share on the National Stock Exchange, compared to its issue price of Rs 332. The stock rose as much as 5.4 percent to Rs 350 thereafter.
The company’s Rs 512-crore initial public offering was subscribed 6.12 times on the final day of bidding.
The portion reserved for qualified institutional buyers saw strong demand, and was subscribed 14.49 times the number of shares on offer, while the retail investors portion was subscribed 1.19 times. The non-institutional segment received bids for 6.44 times the number of shares allotted, according to data provided by Axis Capital on March 21.
Sandhar Technologies makes two-wheeler locking systems and rear-view mirrors for commercial vehicles among 21 product categories, also including wheel assembly, sheet metal and aluminium components.
The company has 31 facilities across eight states in India, two in Spain and one in Mexico. In addition, it’s commissioning another five plants in India. It counts 79 Indian and global original equipment makers as its clients, including Hero Motocorp Ltd., TVS Motor Company Ltd., Bosch Ltd., Eicher Motors Ltd. and Honda Motor Company Ltd.
Minda Corporation Ltd. and FIEM Industries Ltd. are among the listed rivals of Sandhar Technologies.