Shares of auto component maker Varroc Engineering made a smart debut at the bourses today, surging nearly 7 per cent against the issue price of Rs 967. The stock debuted at Rs 1,032, reflecting a jump of 6.72 per cent from the issue price on the BSE. On the NSE, shares of the company opened the day at Rs 1,015, surging 4.96 per cent.
The company's market valuation stood at Rs 13,889.63 crore. In terms of equity volume, 17.39 lakh shares of the company were traded on the BSE and over one crore shares changed hands at the NSE during the morning trade. The company's Rs 1,955-crore IPO was subscribed 3.6 times during June 26-28. Price band for the offer was fixed at Rs 965-967 per share.
Varroc Engineering supplies auto parts to Jaguar Land Rover, Bentley, Audi and Harley Davidson. Besides, it supplies auto parts to giants such as Volkswagen, Ford, Honda and Bajaj Auto. Founded in 1990 in Aurangabad, Varroc is an automotive component manufacturer and supplier of exterior lighting systems, power-trains, electrical and electronics, body and chassis parts to passenger cars and motorcycle segments worldwide.