Sedemac Mechatronics Lists At 13.5% Premium, Surges Up To 19% On Debut

New Delhi: Shares of Sedemac Mechatronics Ltd, a powertrain controls and auto parts manufacturer, on Wednesday listed with a premium of 13.5 per cent against the issue price of Rs 1,352. The stock started trading at Rs 1,510, registering a jump of 11.68 per cent from the issue price on the BSE. Later, it surged 19.34 per cent to Rs 1,613.50.

At the NSE, the stock listed at Rs 1,535, a premium of 13.53 per cent. The company's market valuation stood at Rs 6,825.38 crore. The initial public offering of Sedemac Mechatronics Ltd received 2.68 times subscription on the last day of bidding on Friday. The Rs 1,087-crore IPO had a price band of Rs 1,287-1,352 per share.

The IPO was entirely an Offer For Sale (OFS) of up to 80,43,300 equity shares. Since the public issue was completely an OFS, Sedemac Mechatronics will not receive any proceeds from the IPO. Pune-based Sedemac Mechatronics is a supplier of control-intensive, critical-to-the-application electronic control units (ECU) to original equipment manufacturers (OEMs) in the mobility and industrial markets in India, the US, and Europe. The company's customers included TVS Motor Company, Bajaj Auto, Kirloskar Oil Engines, Briggs and Stratton LLC, and DEIF India.

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