The initial public offering (IPO) of engineering systems and solutions provider Uniparts India received 58% subscription on the first day of the offering on Wednesday. The edition, with a price range ranging from €548-577 per share, closes on Friday, December 2, 2022. The engineering systems and solutions provider has raised €251 crore from anchor investors ahead of its initial stock sale.
According to market observers, Uniparts India shares are available at a premium (GMP) of €68 on the gray market today. The Company’s shares are expected to list on the BSE and NSE stock exchanges on Monday 12th December 2022.
Uniparts India IPO includes up to 14,481,942 shares. The IPO should start at the upper end of the price range €836 million. Since the offering is strictly an offer for sale (OFS), the company will not receive any proceeds from the public offering.
“Uniparts India is a manufacturer of engineered systems and solutions and a leading supplier of components for the off-highway agricultural and construction markets. International sales contributed over 82% of revenue in FY22. Sales and margins have grown steadily over the past three financial years. At the upper band of the supply, the implied market capitalization is approx. €2,604 crore and the sought-after P/E multiple is 15.28x, which looks quite reasonable compared to its peers. The secondary market at all-time highs should help the theme get a good response,” said Abhay Doshi, co-founder of UnlistedArena.
Established on September 26, 1994, Uniparts India Limited is a global manufacturer of engineered systems and solutions. Due to its presence in over 25 countries, it is one of the leading suppliers of systems and components for the off-highway market in the areas of agriculture, construction, forestry and mining as well as the aftermarket.
It is a concept-to-supplier of precision off-highway vehicle products with a presence throughout the value chain. The Company’s product portfolio includes core product verticals of 3-point connection systems and precision machined parts, as well as adjacent product verticals of power take-offs, fabrications and hydraulic cylinders or components thereof.
The views and recommendations made above are those of individual analysts or brokerage firms and not Mint.
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