Delta Autocorp IPO Day 1: Latest GMP, subscription status, listing date & other details about SME IPO

Delta Autocorp IPO: The initial public offering of Delta Autocorp, which kicked off for subscription on Tuesday, January 7, saw healthy investor interest, with the issue being fully subscribed within a few hours. Bids reached 94.63 lakh shares, compared to the available 27.36 lakh shares, resulting in a subscription rate of 3.46 times as of 12:00 p.m. today.

The retail investor segment was subscribed 6.3 times, while the non-institutional investor (NII) category also received a 6.3 times subscription. Meanwhile, the qualified institutional buyer (QIB) segment did not receive any bids on Day 1 so far.

The company plans to utilise the funds raised through this issue for several key purposes. A portion of funds will be used towards the expenditure for setting up an electric three-wheeler fabrication plant and painting plant, investment in new product development, funding of working capital requirements, and general corporate purposes.

Delta Autocorp issue details

1. Delta Autocorp IPO date: The issue opened for subscription on Tuesday, January 07, and will conclude on Thursday, January 09.

2. Delta Autocorp IPO Price: The price band of the public issue has been fixed at ₹123 to ₹130 per equity share.

3. Delta Autocorp IPO Size: The company aims to raise ₹54.60 crore through the IPO, which is a combination of a fresh issue of 38.88 lakh shares aggregating to ₹50.54 crore and an offer for sale of 3.12 lakh shares aggregating to ₹4.06 crore.

4. Delta Autocorp IPO Lot Size: The IPO lot size is fixed at 1000 shares, requiring a minimum investment of ₹1,30,000 for retail investors.

5. Delta Autocorp IPO reservation: The IPO offers 7.81 lakh shares to qualified institutional buyers, 5.87 lakh shares to non-institutional buyers, and 13.68 lakh shares to retail investors, translating into available shares of 27.36 lakh shares.

6. Delta Autocorp IPO allotment date: The IPO allotment date is set for Friday, January 10. Investors who receive an allotment will see the shares in their demat accounts by Monday, January 13, while those who do not will have their refunds processed on the same day.

7. Delta Autocorp IPO listing: The SME IPO is proposed to list on the NSE SME on Tuesday, January 14.

8. Delta Autocorp IPO GMP: According to market sources, the GMP of Delta Autocorp IPO on Tuesday was ₹110, suggesting that the stock may list ₹100 above the issue price of 130, which is at ₹210.

9. Delta Autocorp IPO book-running lead manager and registrar: GYR Capital Advisors Private Limited is the book-running lead manager of the Delta Autocorp IPO, while Link Intime India Private Ltd is the registrar for the issue. The market maker for the Delta Autocorp IPO is Giriraj Stock Broking Private Limited.

10. Delta Autocorp business overview: The company is engaged in the business of manufacturing and selling 2-wheelers & 3-wheelers EVs. It operates under the brand name “Deltic”. Initially concentrating on developing electric 3-wheeler prototypes, they marked a significant milestone in 2017 with the launch of their first E-Rickshaw, boasting an impressive mileage of over 150 km.

After observing market dynamics and adapting to changing customer preferences, the company strategically broadened its product range to include electric 2W vehicles. Currently, its product range encompasses electric scooters in the 2W category, along with electric rickshaws, electric loaders, and electric garbage carts in the 3W category, along with spare parts and accessories of 2W and 3W like motors, DC-DC converters, and speedometers, as per the company’s RHP report.

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