Delta Autocorp IPO: As of Day 2, the subscription status for Delta Autocorp’s IPO shows strong demand.

Delta Autocorp IPO: Check latest GMP, subscription status on Day 2

Delta Autocorp IPO: The IPO opened for subscription on Tuesday and has already been subscribed 13.81 times as of the end of Day 1. By Wednesday afternoon, subscription levels continued to rise, with the issue subscribed 29.54 times as of 12:33 pm.

by · India Today

In Short

  • Delta Autocorp IPO subscribed nearly 30 times so far
  • Retail investors lead Delta Autocorp IPO subscriptions
  • Delta Autocorp IPO opens till January 9, listing on Jan 14

Delta Autocorp Ltd. has launched its initial public offering (IPO), aiming to raise Rs 54.60 crore. The issue consists of a fresh issue of 38.88 lakh shares worth Rs 50.54 crore and an offer-for-sale (OFS) of 3.12 lakh shares, amounting to Rs 4.06 crore.

The IPO opened for subscription on Tuesday and has already been subscribed 13.81 times as of the end of Day 1. By Wednesday afternoon, subscription levels continued to rise, with the issue subscribed 29.54 times as of 12:33 pm.

DELTA AUTOCORP IPO SUBSCRIPTION STATUS

As of Day 2, the subscription status for Delta Autocorp’s IPO shows strong demand. Retail investors have subscribed to the issue 51.08 times, while Non-Institutional Buyers have shown robust interest, subscribing 17.63 times. However, Qualified Institutional Buyers have shown relatively lower participation, subscribing only 0.78 times.

LATEST GMP

The Grey Market Premium (GMP) for the Delta Autocorp IPO is currently Rs 110. With the price band set at Rs 130 per share, the expected listing price for the IPO is Rs 240, reflecting a potential gain of around 84.62% from the issue price.

KEY IPO DETAILS

The Delta Autocorp IPO is open for subscription until January 9, with the allotment set for January 10 and shares expected to be credited to Demat accounts by January 13. The shares will be listed on the NSE SME platform, Emerge, on January 14, 2025.

The IPO price band has been set between Rs 123 and Rs 130 per share, with retail investors required to apply for a minimum of 1,000 shares, translating to an investment of Rs 1,30,000.

Shares have been allocated across various investor categories: Qualified Institutional Buyers (QIBs) will be allotted no more than 50% of the net issue, while retail investors will receive 35%, and High Net-Worth Individuals (HNIs) will be allotted 15%.

Founded in 2016, Delta Autocorp Ltd. is a key player in the electric vehicle market, specializing in the design, manufacturing, and sale of electric 2-wheelers and 3-wheelers under the brand name 'Deltic'. The company’s portfolio includes electric scooters and 3-wheelers, targeting tier-2 and tier-3 towns. Delta Autocorp operates through a network of over 300 dealers across 25 states and Union Territories.

The IPO proceeds will be used to set up a fabrication and painting plant for electric three-wheelers, fund new product development, and meet working capital requirements.

Delta Autocorp has shown steady financial growth, reporting a revenue of Rs 45.27 crore for the period ending October 31, 2024. In FY24, the company posted a net profit of Rs 8.2 crore, up from Rs 5.13 crore in FY23