Delta Autocorp IPO shares made a strong debut on the NSE SME platform, listing at ₹175, a 34.6% premium over the issue price of ₹130. The IPO, which raised ₹50.54 crore, included a fresh equity sale and an offer for sale of 3.12 lakh shares, marking a notable performance in the SME IPO market.
Delta Autocorp IPO Subscription Status
The IPO witnessed overwhelming demand, with a total subscription of 342.1 times. Anchor investors and market makers fully subscribed to their portions of 11.7 lakh and 2.94 lakh shares, respectively.
Qualified Institutional Buyers (QIBs) oversubscribed 178.64 times, while Non-Institutional Buyers (NIIs) led with 624.28 times subscription, bidding for 36.65 crore shares. Retail Investors also showed strong interest, subscribing 314.33 times with bids for 43 crore shares. Overall, the IPO received bids for 93.6 crore shares, raising ₹12,167.68 crore from 4,58,617 applications.
Delta Autocorp IPO GMP
Delta Autocorp shares debuted at ₹175 on the NSE SME platform, marking a 34.6% premium over the issue price of ₹130. This listing fell short of the anticipated 90% gain indicated by the grey market premium (GMP), which had hovered between ₹115-₹120 per share during the bidding period. Despite the GMP suggesting a higher listing pop, the stock’s actual premium was more moderate but still delivered notable returns for investors.
About Delta Autocorp IPO
Delta Autocorp IPO is scheduled to open for subscription from January 7 to January 9, 2025, aiming to raise ₹54.60 crores. The issue consists of a fresh equity sale of 38.88 lakh shares worth ₹50.54 crores and an offer for sale (OFS) of 3.12 lakh shares amounting to ₹4.06 crores. The price band is set at ₹123 to ₹130 per share, with investors required to apply for a minimum lot size of 1,000 shares, translating to a retail investment of ₹1,30,000. The share allotment is expected on January 10, 2025, with the IPO debuting on the NSE SME platform on January 14, 2025.
- Minimum Lot Size: 1,000 shares.
- Retail Investment: Minimum ₹1,30,000 for 1 lot.
- HNI Investment: Minimum 2 lots (2,000 shares) amounting to ₹2,60,000.
About Company
Delta Autocorp Limited, founded in 2016, is a prominent manufacturer and seller of electric 2-wheelers and 3-wheelers. The company began its journey with electric 3-wheelers, launching its first E-Rickshaw in 2017, boasting a mileage of over 150 km. By 2019, Delta Autocorp expanded its offerings to include affordable electric scooters, catering specifically to tier-2 and tier-3 towns. With a robust network of over 250 dealers across 24 states and Union Territories, the company is committed to delivering cost-effective products with exceptional service. Their diverse product lineup includes electric scooters like the Deltic Drixx and Trento, electric rickshaws like the Deltic Star and Vayu, and specialized loaders and garbage carts, along with spare parts and accessories. Backed by a dedicated R&D team in Uttar Pradesh and a workforce of 141 employees as of January 2024, Delta Autocorp focuses on innovation and customer satisfaction. The company’s competitive strengths lie in its experienced management, in-house R&D, customer-centric approach, strong distribution network, and adherence to quality certifications, enabling it to establish a foothold in the mass premium market.
Financial Information
Delta Autocorp Limited has demonstrated significant financial growth over the years. As of March 31, 2023, the company’s assets stood at ₹2,109.41 lakhs, up from ₹2,033.71 lakhs in 2022 and ₹789.67 lakhs in 2021. Revenue has shown remarkable growth, reaching ₹8,055.86 lakhs in 2023, compared to ₹5,753.41 lakhs in 2022 and ₹1,674.28 lakhs in 2021.
Profit After Tax (PAT) has also seen a substantial increase, rising to ₹513.13 lakhs in 2023 from ₹419.97 lakhs in 2022 and ₹42.08 lakhs in 2021. The company’s net worth has strengthened significantly, growing from ₹239.77 lakhs in 2021 to ₹688.46 lakhs in 2022 and ₹1,140.84 lakhs in 2023. Total borrowing has decreased from ₹733.57 lakhs in 2022 to ₹413.6 lakhs in 2023, reflecting improved financial stability.