Delta Autocorp’s IPO has been subscribed 113 times on its third day so far. Check GMP, price band and other details

Delta Autocorp’s SME initial public offering (IPO) was fully subscribed with aggregate subscriptions of 113.59 times as of 12:24 pm on the last day of bidding on Thursday. The company aims to raise Rs. 55 crore to be raised, in which the shares will be listed on the NSE SME platform.

The retail portion of the issue was subscribed 167.51 times, while the issue was subscribed 110.78 times in the category of non-institutional investors on the last day of bidding. Meanwhile, qualified institutional buyers fetched 21.27 times the allotted share.

Latest GMP of Delta Autocorp IPO

Prior to the listing, the company’s shares traded at Rs. 116 was trading at a GMP, which was Rs. 130 implies a premium of over 89% to the upper end of the IPO price band.

Delta Autocorp IPO size

The IPO is a combination of new equity sale of 38 lakh shares and an offer for sale (OFS) of 3.12 lakh shares. By issue the company raised Rs. 55 crore is planned to be raised.

Price band for Delta Autocorp IPO

The company sold its shares at Rs. 123-130 and investors can bid for 1,000 shares in a lot.

Issue structure of Delta Autocorp IPO

About 50% of the offering is reserved for QIB investors, 35% for retail investors and another 15% for non-institutional investors.

Delta Autocorp IPO Listing, Allotment and Closing Date

The IPO opened on January 7 and will close on January 9. The final allotment is likely to take place on January 10. The company’s shares are scheduled to be listed on the NSE SME platform on January 14.

Proceeds from IPO

The net proceeds from the public offering will be used to fund the establishment of an electric three-wheeler fabrication plant, investment in new product development, funding of working capital requirements and expenses for general corporate purposes.

About Delta Autocorp

The company designs, manufactures and markets electric two- and three-wheelers using advanced components sourced from renowned Original Equipment Manufacturers (OEMs). These OEMs follow company-specific design and engineering specifications during the manufacturing process. In addition, the company offers specialized components that are designed to be perfectly compatible with its vehicles.

Industry Overview

The Indian automobile industry has long been a key barometer of economic health, as it contributes significantly to both macroeconomic growth and technological innovation. The two-wheeler segment, in particular, is leading in volume due to a growing middle class and a large, young population. Additionally, increasing focus by companies on tapping rural markets has further fueled the expansion of the sector.

Financial performance of Delta Autocorp

For the period ending October 2024, the company has paid Rs. 45.17 crore gross revenue and Rs. 4.80 crore net profit was made.

Lead Manager and Registrar of IPOs

GYR Capital Advisors is acting as the lead manager of the issue and Link Intime India is the registrar.

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