The initial public offering (IPO) of engineered systems manufacturer Uniparts India was 52% subscribed on November 30, the first day of bidding. The offering received bids for 53.04 lakh shares, compared with 1.01 crore shares in the offer.

Retail investors purchased 72% of the quota, while high-net-worth individuals subscribed to the 76% reserved. Qualified institutional buyers bought 8,050 of the 28.96 lakh shares set aside for them.

The size of the IPO was reduced from 1.44 crore shares to 1.01 crore shares earlier in the offer, especially after the company raised Rs 250.68 crore through fixed books on November 29, a day before the offering.

Uniparts India aims to raise Rs 835.61 crore in an IPO, including sales offers from promoters and investors.
The IPO could provide an exit opportunity for existing investors Ashoka Investment Holdings and Ambadevi Mauritius Holding, which sold their entire 71.8 lakh and 21.54 lakh shares, respectively. The price range for the offer is fixed at Rs 548-577 per share.

Uniparts India, a global manufacturer of engineered systems and solutions, is one of the leading suppliers of systems and components to the off-highway vehicle market in the Agriculture & Construction, Forestry & Mining (CFM) and aftermarket sectors.