The Varroc Engineering date has been confirmed from June 26, 2018 and ended on June 28, 2018.
Varroc Engineering Developers IPO is a fixed price issue of Rs 1,945.77 crores. The price band is set at ₹965 to ₹967 per share. The minimum lot size for an application is 15 Shares. The minimum amount of investment required by retail investors is ₹14,505.
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Bidding Dates
June 26-28
Price Range
₹965 to ₹967 per share
Face Value
₹1 per share
GMP
₹566.80
Varroc Engineering IPO GMP
The Varroc Engineering IPO GMP is ₹566.80.
IPO Overview
Varroc Engineering IPO is a Rs 1,945.77 crore book-built issuance. The IPO bidding for Varroc Engineering began on June 26, 2018 and closed on June 28, 2018. Varroc Engineering IPO allotment was completed on Tuesday, July 3, 2018. On July 6, 2018, the shares were listed on the BSE and NSE. The pricing range for Varroc Engineering’s IPO is ₹965 to ₹967 per share. An application requires a minimum lot size of 15 Shares. Retail investors must make a minimum investment of ₹14,505.
Varroc Engineering has 36 manufacturing locations distributed across seven countries, with six for the Global Lighting Business, 25 for the India Business, and five for the Other Businesses. As of December 31, 2017, the company’s Global Lighting Business employed roughly 900 engineers across nine R&D centres in the Czech Republic, India, China (via its China joint venture), Mexico, Germany, and the United States of America. It has a new R&D facility in Poland that began operations in 2018. As of December 31, 2017, the Global Lighting Business owned 184 patents.
Varroc Engineering IPO Details
| IPO Date | June 26, 2018 to June 28, 2018 |
| Listing Date | July 6, 2018 |
| Face Value | ₹1 per share |
| Price Band | ₹965 to ₹967 per share |
| Lot Size | 15 Shares |
| Total Issue Size | 20,121,730 shares (aggregating up to ₹1,945.77 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Varroc Engineering Company Financials
| Particulars | For the year/period ended (in Rs. Million) | |||||
|---|---|---|---|---|---|---|
| 31-Mar-18 | 31-Mar-17 | 31-Mar-16 | 31-Mar-15 | |||
| Total Assets | 68,523.92 | 58,603.80 | 52,458.55 | 44,284.68 | ||
| Total Revenue | 104,170.67 | 97,022.69 | 82,395.20 | 70,384.64 | ||
| Profit After Tax | 4,507.77 | 3,033.89 | 3,698.23 | 168.09 | ||
Varroc Engineering IPO Timeline
| IPO Open Date | Tuesday, June 26, 2018 |
| IPO Close Date | Thursday, June 28, 2018 |
| Basis of Allotment | Tuesday, July 3, 2018 |
| Initiation of Refunds | Wednesday, July 4, 2018 |
| Credit of Shares to Demat | Thursday, July 5, 2018 |
| Listing Date | Friday, July 6, 2018 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 28, 2018 |
Company Profile
Varroc Engineering Limited, situated in Aurangabad, was founded in 1988 and is a global tier-1 (tier-1 firms are companies that directly supply original equipment manufacturers (“OEMs”)) automotive component group. It directly designs, manufactures, and sells exterior lighting systems, plastic and polymer components, electrical-electronic components, and precision metallic components to passenger car, commercial vehicle, two-wheeler, three-wheeler, and off-highway vehicle (“OHV”) OEMs across the world. According to CRISIL Research, the company is
the second largest Indian auto component group (by consolidated revenue for FY2017) and a leading tier-1 producer and supplier to Indian two-wheeler and three-wheeler OEMs (by consolidated revenue for FY2017). It is also the world’s sixth-largest manufacturer of external vehicle lighting and one of the top three independent exterior lighting providers (by market share in 2016).
Varroc provides end-to-end capabilities in the design, R&D, engineering, testing, manufacture, and supply of a wide range of goods. It has two primary business lines: (i) the design, manufacture, and supply of exterior lighting systems to passenger car OEMs worldwide (“Global Lighting Business”), which it does through its VLS group subsidiaries; and (ii) the design, manufacture, and supply of a wide range of auto components in India (“India Business”), primarily to two-wheeler and three-wheeler OEMs, including exports.
Registrar Info
| Name | Link Intime India Private Ltd |
| Phone number | +91-22-4918 6270 |
| Email ID | varroc.ipo@linkintime.co.in |
| Website | linkintime.co.in |
Contact Details
| Name | Varroc Engineering Limited |
| Phone number | +91 240 6653 700/6653 699 |
| Email ID | investors@varroc.com |
| Website | varrocgroup.com |
IPO Strenghts
- Experienced promoters and a competent management team.
- Well-established relationships with a loyal customer base.
- Access to markets worldwide, enabling global reach.
IPO Weakness
- Heavy reliance on customers based in the United States.
- Need to adhere to multiple laws and regulations in these countries to ensure compliance.
- Competition from other players in the market.
