Dhoot Transmission Makes Strong Market Debut, Shares Surge Nearly 38%
Mumbai: Shares of auto components maker Dhoot Transmission Ltd made a strong stock market debut on Monday, listing at a premium of nearly 38 per cent over the IPO issue price of Rs 871 per share. Strong Listing On the BSE, Dhoot Transmission shares opened at Rs 1,193.80, marking a gain of 37 percent from the issue price. The stock extended its rise and touched Rs 1,212.70, reflecting a jump of…
Mumbai witnessed a strong debut for auto components manufacturer Dhoot Transmission Ltd on Monday as its shares soared nearly 38% above the IPO price on the BSE. Trading opened at Rs 1,193.80, marking a 37% gain from the issue price of Rs 871 per share. The stock continued its upward momentum, reaching Rs 1,212.70 on the NSE, representing a 39.23% surge.
At the time of the debut, the company's market value amounted to Rs 23,487.23 crore. The IPO raised Rs 3,067 crore, which received strong investor demand, with the issue being subscribed 74.21 times on the final bidding day. Dhoot Transmission had set the IPO price band between Rs 829 and Rs 871 per share. The overwhelming subscription level demonstrated robust investor interest.
The public offering included a fresh sale of up to Rs 1,400 crore in equity shares and an offer-for-sale of up to 1.91 crore shares by existing promoters, including BC Asia Investments XV Ltd and Mangalam Capital Private Ltd. Plans for the fresh funds include repaying outstanding borrowings, investing in subsidiaries to reduce debt, establishing new wiring harness manufacturing plants, and pursuing acquisitions and strategic initiatives.
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