IGI Logo

The initial public offer of Bonfiglioli Transmissions Ltd received 99 per cent subscription on Friday, the second day of bidding.

The Rs 2,533.80-crore IPO received bids for 3,00,27,100 shares against 3,02,82,330 shares on offer, according to NSE data.

The portion for non-institutional investors fetched 1.71 times subscription, while the category for retail investors was subscribed 1.16 times. Also, the quota for Qualified Institutional Buyers (QIBs) received 16 per cent subscription.

Bonfiglioli Transmissions Ltd on Wednesday secured Rs 759.26 crore from anchor investors, including BlackRock, Goldman Sachs Asset Management, and Abu Dhabi Investment Authority.

The company's IPO will close for public subscription on October 19. The price band has been fixed at Rs 558-586 per share.

The IPO is entirely an offer for sale (OFS) of up to 4.32 crore equity shares by promoter Bonfiglioli S.p.A., with no fresh issue component.

Consequently, the company will not receive any proceeds from the offering, with the entire amount going to the selling shareholder.

Bonfiglioli Transmissions, the Indian subsidiary of Italy-based Bonfiglioli S.p.A., manufactures mechanical and electro-mechanical power transmission products and industrial drive solutions, including gearboxes, gear motors, and drive systems.

Its products cater to industry and automation, off-highway mobility and wind applications.

The equity shares are proposed to be listed on the BSE and the NSE on October 23

Above views are of the author and not of the website kindly read disclaimer