The portion reserved for retail investors was subscribed 4.31 times, while the category for non-institutional investors (NIIs), including high-net-worth individuals, was subscribed 1.4 times. The qualified institutional buyers’ segment saw bidding for 7.83 times the shares set aside to them.
The issue, which opened for subscription on Wednesday, was sold in a price range of ₹560-590. The IPO comprised a fresh share issue of ₹180 crore and an offer for sale of up to 39.34 lakh shares. The company intends to meet capital expenditure requirements for purchasing equipment and machinery for the manufacturing facilities from the net proceeds of the fresh issue in the IPO. Nilekani’s NRJN Family Trust owns 23.94 lakh shares, or 8.7% equity, in Divgi.
Divgi on Tuesday raised ₹185.45 crore from 12 anchor investors, including Matthews Asia Funds, Aurigin Master Fund, ICICI Prudential, Nippon Life India Trustee, Aditya Birla Sun Life Insurance, and Quant MF, among others.
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