Varroc Engineering makes smart debut, ends 7% higher vs issue price

Shares of auto component maker Varroc Engineering share price made a smart debut on Friday, surging nearly 10 per cent against the issue price of Rs 967. The stock debuted at Rs 1,032, reflecting a jump of 6.72 per cent from the issue price on the BSE.

Varroc share price rallied as much as 9.8 per cent to Rs 1062 on the BSE in intraday trade. It settled at Rs 1040.55 versue its IPO price. 

On the NSE, shares of the company opened the day at Rs 1,015, surging 4.96 per cent, and settled the trade at Rs 1,025.15.

The company's market valuation on the BSE stood at Rs 14,027.81 crore at close.

The company's Rs 1,955-crore IPO was subscribed 3.6 times during June 26-28.

Price band for the offer was fixed at Rs 965-967 per share.

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Varroc Engineering supplies auto parts to Jaguar Land Rover, Bentley, Audi and Harley Davidson. Besides, it supplies auto parts to giants such as Volkswagen, Ford, Honda and Bajaj Auto.

Founded in 1990 in Aurangabad, Varroc is an automotive component manufacturer and supplier of exterior lighting systems, power-trains, electrical and electronics, body and chassis parts to passenger cars and motorcycle segments worldwide.