Sedemac Mechatronics IPO opens for subscription in primary market, booked 1% so far - Check GMP

Sedemac Mechatronics initial public offer (IPO) got subscribed 1 percent so far in the primary market after the Rs 1,087-crore issue opened for subscription at 10 am. Both the non institutional investors (NII) and retail individual investors(RIIs) quota got subscribed 1 percent each. Shares of the company were commanding a flat GMP in the unofficial market. The powertrain controls and auto parts manufacturer earlier garnered Rs 326 crore from anchor investors, including domestic mutual funds, insurance companies and foreign institutional investors. Abu Dhabi Investment Authority, ICICI Prudential Mutual Fund (MF), Nippon India MF, Tata MF, HDFC MF, SBI MF and 3PIM India Equity (IFSC) Fund are among the anchor investors, according to a circular uploaded on BSE's website. Check All IPO News The initial share-sale will conclude on March 6. The price band has been fixed at Rs 1,287 to Rs 1,352 per share, valuing the company at close to Rs 6,000 crore at the higher end. Pune-based Sedemac Mechatronics is a supplier of control-intensive, critical-to-the-application electronic control units (ECU) to original equipment manufacturers (OEM) in the mobility and industrial markets in India, the US, and Europe. It develops, designs and manufactures sensor-less commutation-based integrated starter generators ECUs for two-wheeler and three-wheeler internal combustion engine-powered vehicles. The company's customers included TVS Motor Company, Bajaj Auto, Kirloskar Oil Engines, Briggs and Stratton LLC, and DEIF India. Sedemac Mechatronics IPO allotment is expected by March 9, while share listing is proposed on March 11.