New Delhi - Auto seat maker Varroc Engineering is floating 20.22 m shares on the Mumbai Stock Exchange, raising $287.46 m, in an IPO.
Varroc said that 33% of the shares had been bought when the offer opened on 26 June. The offer runs until 28 June, and Varroc is hoping to sell the shares for between INR 965 and INR 967 each.
The IPO is composed of shares owned by large shareholders in the company. Tarang Jain is contributing 1.7m shares, Omega TC Holdings 17m shares, and Tata Capital 1.5m shares.
The company has raised $86 m from anchor investors in the IPO.
In India, the company has a facility in Chinchwad near Pune. This has the capacity to make 4.5 m two-, three- & four-wheeler seat assemblies a year.
The plant has 10 automated lines for PU foam moulding.
The company is a Tier 1 supplier to global OEMs like Jaguar LandRover, Bentley, Audi and Harley Davidson. In addition to seats and polyurethane moulding, it makes plastic and polymer components, exterior lighting systems, and precision metallic components.
The company operates 36 facilities globally, has 16 R&D centres in 10 countries, and registered sales of $1.5 bn in 2017.