Delta Autocorp IPO booked over 13 times on Day 1; check issue size, price band & more

The initial public offering (IPO) of Delta Autocorp Ltd opened to strong demand on Tuesday, January 7, as the public offer was fully booked within hours of launch led by retail investors.

According to stock exchange data, the NSE SME issue was booked over 13 times on the first day of bidding, at the close of bidding at 5 pm.

The electric vehicle manufacturer aims to raise ₹ 54.6 crore from the primary market through its maiden share sale. The IPO subscription will close on Thursday, January 9.

The retail segment of the issue was booked 22.79 times with bids for more than 3.11 crore shares against 13.68 lakh shares on offer. The Non-Institutional Investors (NIIs) booked their quota 8.24 times by applying for more than 48.4 lakh shares compared to the 5.87 lakh shares set aside. The Qualified Institutional Buyers (QIBs) booked 78% of their allocation of 7.81 lakh shares. The QIBs applied for over 6 lakh shares.

Investors looking forward to participating in the Delta Autocorp IPO subscription should check key details about the public offer before bidding. Let’s examine the price band, offer size, lot size, and key IPO dates.

Delta Autocorp raises ₹15.21 crore from anchor investors

Ahead of the launch of its IPO, Delta Autocorp raised a total of ₹15.21 crore from anchor investors on January 6.

According to the circular on the NSE website, the company allotted 11.7 lakh shares to 12 entities at an offer price of ₹130 per equity share.

Delta Autocorp IPO price band, offer size and other details

Delta Autocorp IPO comprises a fresh issue of 38.88 lakh shares, worth up to ₹50.54 crore, and an offer-for-sale (OFS) of 3.12 lakh shares, aggregating to ₹4.06 crore.

The company has fixed the price band at ₹123 to ₹130 per share for the IPO, with a face value of ₹10 each. The minimum lot size is 1,000 shares for retail investors, aggregating to an investment of at least ₹1,30,000.

GYR Capital Advisors Private Ltd is the book-running lead manager of the Delta Autocorp IPO, Link Intime India Private Ltd is the registrar, and Giriraj Stock Broking Private Ltd is the market maker.

Delta Autocorp IPO key dates

The IPO allotment status is expected to be finalised on Friday, January 10. The company will initiate refunds and transfer of shares to the Demat accounts on January 13. Delta Autocorp shares will be listed on the NSE SME platform, Emerge on Tuesday, January 14.

About Delta Autocorp and use of IPO proceeds

Delta Autocorp Limited is a leading manufacturer and seller of Electric 2W and 3W vehicles. Founded in 2016, the company specialises in creating high-performance, affordable electric vehicles, ranging from e-rickshaws to electric scooters.

Delta Autocorp, in 2017, launched its first e-rickshaw with a mileage of over 150 kilometres. Over time, the company has significantly enhanced its vehicle designs, improving aerodynamics, torque, durability, and gradability, thus meeting the diverse demands of the market.

The amount collected through the IPO will be used to fund the investment in setting up an electric three-wheeler painting and fabrication plant, new product development, and meeting working capital requirements. A portion of the funds will be used for general corporate purposes.

The company reported a revenue of ₹45.27 crore for the period ended on October 31, 2024, in FY25, while its net profit stood at ₹4.8 crore.

Delta Autocorp’s revenue for FY24 stood at ₹81.16 crore. The company reported a net profit of ₹8.22 crore for the entire financial year.