Sedemac Mechatronics IPO subscribed 46% so far on Day 2; QIB portion fully booked

Sedemac Mechatronics IPO: The initial public offering of powertrain controls and auto parts manufacturer Sedemac Mechatronics Ltd has received 46% subscription so far on the second day of bidding on Thursday, March 5.

The IPO secured bids for 25,67,070 shares compared to 56,32,899 shares on offer, as per NSE data until 3:42 pm.

The part for qualified institutional buyers (QIBs) was subscribed 1.27 times, while retail quota attracted 8% subscription. The category for non-institutional investors (NIIs) received 24% subscription.

The ₹1,087.45 crore initial share sale, which will end on March 6, is entirely an offer for sale (OFS) of 80.43 lakh shares.

Those selling under the OFS route include promoters Manish Sharma and Ashwini Amit Dixit, and investors selling shareholders like A91 Emerging Fund II LLP, 360 One Group, Xponentia Capital Partners, NRJN Family Trust, Mace Pvt Ltd and HDFC Life Insurance Company.

Since the issue is solely an OFS, the company will not get any proceeds from the IPO.

With a price band of ₹1,287 to ₹1,352 per share, a lot consists of 11 shares.

Sedemac Mechatronics IPO: Allotment and listing date

Pune-based Sedemac Mechatronics Ltd is a supplier of control-intensive, critical-to-the-application electronic control units to original equipment manufacturers (OEMs) in the mobility and industrial markets in India, Europe and the United States.

It develops, designs and makes sensor-less commutation-based integrated starter generators ECUs for two-wheeler and three-wheeler internal combustion engine-powered vehicles.

The company's clients include TVS Motor Company, Kirloskar Oil Engines, Bajaj Auto, Briggs and Stratton LLC, and DEIF India.

Sedemac Mechatronics IPO GMP

According to investorgain.com and media reports, unlisted shares of Sedemac Mechatronics Ltd are trading at ₹1,355, reflecting a grey market premium (GMP) of 0.22% compared the upper price band of ₹1,352.