Sandhar Tech erases gains, ends 2.84% lower

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New Delhi | Published: April 3, 2018 2:09:14 AM

Shares of auto component maker Sandhar Technologies gave up all early gains and ended nearly 3% lower over its issue price of Rs 332 in its debut trade on Monday.

Sandhar Tech , ipo, stock marketsThe company had set a price band of Rs 327 to Rs 332 per share for its initial public offering (IPO).

Shares of auto component maker Sandhar Technologies gave up all early gains and ended nearly 3% lower over its issue price of Rs 332 in its debut trade on Monday. The stock, which listed at Rs 345 on BSE, a 4% premium to the issue price of `332, saw an intra-day high of Rs 351.45 and a low of Rs 318.55 on BSE. It finally settled at Rs322.55, down 2.84%.

The company had set a price band of Rs 327 to Rs 332 per share for its initial public offering (IPO). The offer was aimed to raise Rs300 crore through fresh issue of shares and Rs 212.48 crore through an offer for sale by GTI Capital Beta, based on the upper band price. GTI Capital Beta, the private equity shareholder of the company has sold 64 lakh equity shares as part of the offer.

On the final day of the IPO Sandhar technologies got fully subscribed. The company’s shares were subscribed 6 times, with investors bidding for around 6.58 crore shares of the 1.08 crore shares on offer. On 16 March, Sandhar Technologies finalised allocation of 46.30 lakh shares at `332 per share aggregating to Rs 153.7 to 15 anchor investors. These include DSP Blackrock, ICICI Prudential, HSBC, Aditya Birla Sun Life Insurance, Nomura, East Spring Investments, SBI, Reliance Capital, IDFC, Sundaram Mutual Fund and Volrado Venture Partners.

Sandhar Technologies is a component supplier primarily catering to automotive OEMs with focus on security systems of vehicles. It specialises in the manufacturing of locking systems, vision systems, door handles, latches and handles, sheet metal components, vehicle rear views, wheel rims & assemblies, fender & muffler assemblies, handle bars & assemblies and other vehicle electronics.

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