Subscription Window Closing Today; Know Latest GMP

Uniparts India IPO: The initial public offering of engineering systems and solutions provider Uniparts India, which was opened for public subscription on Wednesday and closes today (Friday), has so far been subscribed 2.02 times. The Rs 836-crore IPO received bids for 2,04,29,925 shares against 1,01,37,360 shares on offer, till the end of the second day on Thursday.

Uniparts India IPO Day 3: Quota-Wise Subscription So Far

The category for retail individual investors (RIIs) received 2.01 times subscription, non-institutional investors portion was subscribed 3.41 times. In the case of qualified institutional buyers (QIBs), the IPO recieved bids for 28,16,875 shares as against the 28,96,388 shares on offer.

Uniparts India IPO is entirely an offer-for-sale (OFS) of 14,481,942 equity shares by promoter group entities and existing investors.

Uniparts India IPO Day 3: Current GMP

As per market observers, the unlisted shares of Uniparts India are currently trading at a premium of Rs 45 in the grey market, over its upper band of Rs 577. It means that the company’s shares in the grey market are trading at Rs 622 apiece. The price is much lower than Rs 648 apiece on the IPO opening day (November 30). The GMP indicates that the expected listing price of the company’s shares is going to be higher as againt the issue price. The premium gets fluctuated based on the sentiments in the markets.

About Uniparts India

Uniparts India is a global manufacturer of engineered systems and solutions. It is one of the leading suppliers of systems and components for the off-highway market in agriculture and construction, forestry and mining and aftermarket sectors on account of its presence across over 25 countries.

It is a concept-to-supply player of precision products for off-highway vehicles with presence across the value chain. The company’s product portfolio includes core product verticals of 3-point linkage systems and precision machined parts as well as adjacent product verticals of power take off, fabrications and hydraulic cylinders or components thereof.

This is the company’s third attempt to go public. Earlier, Uniparts had filed its IPO papers with Sebi in December 2018 and in September 2014. It also obtained the regulator’s clearance to launch the IPO on the two occasions but did not go ahead with the initial share sale.

Axis Capital, DAM Capital Advisors and JM Financial are the book running lead managers to the issue.

Uniparts India IPO: What Brokerages Say

KRChoksey Shares & Securities said that considering the upper limit of the price band and FY22 EPS, Uniparts IPO is valued at a P/E multiple of 15.6 times. This is at the lower end when compared to multiples at which the listed peers are trading.

“Considering the industry growth opportunities, differentiated offerings of Uniparts, expansion of the addressable market and focus on value addition, we recommend that Uniparts India Limited IPO be rated ‘SUBSCRIBE’,” it said,” it added.

AnandRathi said that when compared to its listed peers, the issue appears to be reasonably priced. “We recommend a “Subscribe-Long Term” rating to this IPO.”

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