On NSE, the stock got listed at Rs 572, up 21.19 per cent.
The Rs 1,161 crore initial public offering (IPO), which was sold between October 5 and October 7, was subscribed 44 times. Strong demand was seen from high networth individuals (HNIs) and qualified institutional buyers (QIBs) as the quota for the two categories was subscribed to 127 times and 53.43 times of the quota limits, respectively. The quota for retail investors was oversubscribed 2.60 times.
The company is engaged in design, development, validation, testing, manufacturing, delivery and aftermarket sales and service of a wide range of technology-intensive auto component products. It supplies auto parts directly to original equipment manufacturers (OEMs).
Some experts believe sales in the two-wheeler segment, which accounts for about two-thirds of the company’s total sales, may grow at a healthy pace going forward on back of good monsoon, which may boost rural spending. Besides, the seventh Pay Commission payout will add to demand for two-wheelers.