Ways2Capital Reviews : Auto Ancillary Maker Varroc Engineering Debuts Nearly 5% Higher On Bourses

Auto ancillary maker Varroc Engineering Limited (Varroc) debuted on stock exchanges with a 5% gain to its issue price of Rs967. The IPO was worth Rs1,955cr at the higher end of its price band of Rs965-967. The IPO was an offer for sale with two PE investors offloading their stake and a small stake sale by its promoter, Tarang Jain. Omega TC Holdings sold 1.69cr shares, while Tata Capital Financial Services sold 15.52 Lakh shares, completely exiting their holding. Jain sold 17.53 lakh shares.

Varroc is a supplier of automotive components to Indian, global OEMs. Business segments include polymers, electronics, metallic components, automotive lighting. Within lighting, it caters to exterior lighting for PVs, CVs (Varroc Lighting Systems, USA) and 2W lighting (Triom Lighting). It has 36 facilities, 16 R&D centers across Asia, Europe and North America.

Varroc Engineering Ltd is currently trading at Rs1,016 up by Rs49 or 5.07% from its previous closing of Rs967 on the BSE. The scrip opened at Rs1,032 and has touched a high and low of Rs1,032 and Rs1,000 respectively. So far 75,23,294 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs0cr.
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About Bhoomi Desai