Varroc Engineering IPO

Varroc Engineering IPOBusiness description - Varroc Engineering is a tier-1 automotive component group. It designs, manufactures and supplies exterior lighting systems, plastic and polymer components, electricals-electronics components, and precision metallic components to passenger car, commercial vehicle, two-wheeler, three-wheeler and off highway vehicle OEMs directly worldwide. It is the second largest Indian auto component group (by consolidated revenue for FY2017) and a leading tier-1 manufacturer and supplier to Indian two-wheeler and three-wheeler OEMs.

The company initially grew organically in India by adding new business lines such as electrical division and metallic division. In 2012, it acquired Visteon's global lighting business, now known as Varroc Lighting Systems. Prior to the acquisition of Visteon's global lighting business, in 2007 Varroc acquired I.M.E.S (a manufacturer of hot steel forged parts for the construction and oil and gas industries) in Italy and in 2011, it acquired Triom (a manufacturer of high end lighting systems for global motorcycle OEMs) with operations in Italy, Romania and Vietnam.

Varroc has a global footprint of 36 manufacturing facilities spread across seven countries, with six facilities for its Global Lighting Business, 25 for India Business and five for Other Businesses.

Promoters of Varroc Engineering - Tarang Jain
Varroc Engineering IPO details
Subscription Dates 26 - 28 June 2018
Price Band INR965 - 967 per share
Fresh issue Nil
Offer For Sale 20,221,730 shares (INR1,951.4 - 1,955.4 crore)
Total IPO size 20,221,730 shares (INR1,951.4 - 1,955.4 crore)
Minimum bid (lot size) 15 shares
Face Value  INR1 per share
Retail Allocation 35%
Listing On NSE, BSE
Varroc Engineering's financial performance (in INR crore)
FY2013* FY2014* FY2015 FY2016 FY2017 FY2018
Total revenues 4,225.3 6,139.4 7,038.5 8,239.5 9,702.3 10,417.1
Total expenses 4,220.9 6,055.2 7,063.3 7,897.5 9,454.3 9,973.5
Profit after tax -25.4 42.0 13.0 369.0 303.0 450.3
Net margin (%) -0.6 0.7 0.2 4.5 3.1 4.3

* Figures for FY2013 and FY2014 are based on IGAAP and subsequent years are based on IND AS

Varroc Engineering Contact Details

Varroc Engineering Limited 
L-4, MIDC Area
Waluj
Aurangabad– 431136

Phone: +91 240 6653 700
Fax: 
+91 240 2564 540
Email:
[email protected]
Website: www.varrocgroup.com

Registrar of Varroc Engineering IPO

Link Intime India Private Limited
C-101, 1st Floor, 247 Park
Lal Bahadur Shastri Marg, Vikhroli (West)
Mumbai - 400 083

Phone: +91 22 4918 6200
Fax: +91 22 4918 6195
Email: [email protected]
Website: http://www.linkintime.co.in

Valuation of Varroc Engineering (Based on latest FY)

Earnings Per Share (EPS): INR33.4

Price/Earnings (P/E) ratio: 28.89 - 28.95

Return on Net Worth (RONW): 15.93%

Net Asset Value (NAV): INR209.69 per share

Varroc Engineering IPO Subscription Details

Category Shares offered Subscription (no. of times, 6pm) 
Day 1 Day 2 Day 3
QIB 4,024,346 1.03 3.17 9.16
NII 3,018,260 0.00 0.04 2.45
Retail 7,042,606 0.05 0.22 0.89
Employees 100,000 0.09 0.34 0.64
Total 14,185,212 0.32 1.02 3.57

Varroc Engineering IPO Allotment Status

Varroc Engineering IPO allotment status is now available on Link Intime's website. Click on this link to get allotment status.

Listing Performance of Varroc Engineering

IPO Opening Date: 25 June 2018

IPO Closing Date: 28 June 2018

Finalisation of Basis of Allotment: 3 July 2018

Initiation of refunds: 4 July 2018

Transfer of shares to demat accounts: 5 July 2018

Listing Date: 6 July 2018

Listing Price on NSE: INR1,015 per share (up 4.96% from IPO price)

Closing Price on NSE: INR1,037.5 per share (up 7.27% from IPO price)

Varroc Engineering IPO
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