Divgi TorqTransfer Systems Limited IPO will open for subscription on Wednesday, March 1, 2023. The company has set a price band for its share sale at Rs 560-590 apiece.

Investors can make a bid of a minimum of 25 equity shares with each lot costing Rs 14,750.

The issue consists of a sale of fresh equity shares aggregating to Rs 180 crore, along with an offer-for-sale (OFS) of 39,34,243 equity shares aggregating to Rs 232.12 crore.

The firm is to raise approximately Rs 412.12 crore through the issue and it is valued at Rs 1,624.39 crore.

The initial public offering (IPO) of Divgi TorqTransfer Systems will close on March 3, 2023.

According to the firm its basis of allotment will be on March 9, 2023, and credit of shares will be done on March 13, 2023. The stock will list on exchanges on March 14, 2023.

The company has reserved 75 percent of the equity shares for qualified institutional bidders, whereas non-institutional investors will get a 15 percent allocation. The remaining 10 percent equity shares will be allocated to the retail bidders.

Divgi TorqTransfer Systems Limited is engaged in the business as an automotive component entity. Incorporated in 1964, the company is among very few automotive component entities in India with the capability to develop and provide system-level transfer cases, torque couplers, and dual-clutch automatic transmission solutions.

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