The initial public offering (IPO) of Bonfiglioli Transmissions India saw a pick-up in investor interest on the second day of bidding, with the issue receiving 67 percent subscription by 12:00 pm on October 16, as per the NSE data.
In the grey market, the shares of the power transmission and industrial solutions provider were commanding a premium of around 24 percent as of October 16, as per InvestorGain. However, grey market premiums are unofficial indicators based on speculative trading and do not guarantee listing gains.
The company, an Indian subsidiary of Italy-based Bonfiglioli S.p.A., has fixed the IPO price band at Rs 558–586 per share. At the upper end of the price band, the issue values the company at approximately Rs 11,016 crore.
The public issue will open for subscription on October 15 and close on October 19. The anchor investor bidding window is scheduled for October 14. The company is expected to finalise the share allotment by October 21, with its shares scheduled to list on the stock exchanges on October 23.
The IPO comprises an offer for sale (OFS) of 4.32 crore equity shares by the promoter, Bonfiglioli S.p.A. Since the issue is entirely an OFS, the proceeds will go to the selling shareholder, and the company will not receive any funds from the offering.