Uniparts India IPO: Uniparts India IPO sails through on day 2; retail and HNI quota fully booked


New Delhi: The Rs 836 crore-initial public offering (IPO) of Uniparts India sailed through on the second day of the IPO process on Thursday. The issue was booked 58% on day one.

The company is selling its shares in the range of Rs 548-577 apiece between November 30-December 2, with a lot size of 25 equity shares. The issue is entirely an offer-for-sale (OFS) of up to 14,481,942 equity shares.

According to BSE data, investors made bids for 1,02,02,700 equity shares or 1.01 times to the 1,01,37,360 equity shares offered for the subscription by 12.30 pm today.

The quota for retailers was subscribed 1.29 times, whereas the portion for non-institutional investors fetched 1.68 times bids, and the allocation for qualified institutional bidders was booked merely one per cent.

Incorporated in 1994, Uniparts India is a manufacturer of engineered systems and solutions. It is a concept-to-supply player for precision products for off-highway vehicles.

The majority of brokerage firms remain positive on the issue, citing reasonable valuations, strong business models, robust growth prospects, and attractive opportunities. However, being entirely an OFS is a key risk to the issue.

Uniparts, with its global leading positioning in the off-highway market, is well placed to capture the growing industry opportunity in the tractor and construction equipment space, said .

“It further aims to increase its market share and diversify its portfolio, both product-wise and geographically. The IPO is reasonably priced compared to its robust financials and one can Subscribe to the issue, given the huge capex plans,” the brokerage added.

Qualified institutional investors will get 50% of the net issue, whereas non-institutional players will be allocated 15% of the offer. The remaining 35% portion has been fixed for retail bidders.

“At the upper end of the price band, it is valued at 15.6x P/E on FY22, which we believe is reasonable given the healthy financials at the company and high single-digit growth prospects across its key serving segments,” said ICICIDirect.

“We assign ‘subscribe’ rating on UPI amidst healthy financials, precision component product profile and inexpensive valuations,” it added.

, Dam Capital Advisors, and are the book-running lead managers to the issue, whereas Link Intime has been appointed as the registrar for the same.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)



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