The offer for sale (OFS) in Wabco India saw 1.8 times more demand than shares on offer. A total of 650,000 shares were put on block by promoter ZF International UK. Institutional investors bid for 1.16 million shares. Most bids came in at Rs 6,695. Shares of Wabco India closed at Rs 6,897, down 0.8 per cent over the previous day’s close in secondary market trading. The share sale was to comply with the 25 per cent minimum public shareholding norms. Prior to the share sale, the promoter holding in Wabco stood at 80.43 per cent. After the OFS , the holding will drop to 77 per cent. In August 2020, the promoter group had launched an open offer which led to an increase in promoter holding to 93.11 per cent
India Pesticides IPO fully subscribed on Day-1
The Rs 800-crore IPO of India Pesticides was subscribed 1.3 times, the first day of the issue. The price band for the issue is Rs 290 –Rs 296 per share. At the top-end, the company will have a post-listing market cap of Rs 3,409 crore. The IPO comprises Rs 100 crore in fresh fund raise and the remaining is secondary share sale. India Pesticides is a manufacturer of agro-chemicals. Its IPO closes on Friday. “Considering the diluted equity shares, FY21 earnings and upper price band, the company is valued at 24.5 times P/E, which is at a discount compared to its listed industry peers (i.e, Dhanuka Agritech 21.4x, Bharat Rasayan 34x, Rallis India 30.2x and PI industries 60.1x). Considering the factors such as consistent track record of financial performance, strong sourcing capabilities, distribution network and further expansion plans we give a ‘subscribe’ rating on this issue for the long term,” said a report by BP Wealth.
Shyam Metallics, Sona to list on Thursday
Shares of Shyam Metallics and Sona BLW Precision will make their stock market debut on Thursday. The IPO of Shyam Metallics was subscribed 121 times, while that of Sona had garnered 2.3 times subscription. At the IPO price of Rs 306, Shyam Metallics will have market capitalisation of Rs 7,805 crore on a post diluted basis. Sona BLW will have a market cap of Rs 17,000 crore at the IPO price of Rs 291.
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