New Delhi, May 22 (PTI) The initial public offering (IPO) of automotive components maker Belrise Industries received 2.88 times subscription on day two of bidding on Thursday.

The Rs 2,150-crore initial share sale received bids for 51,08,09,888 shares against 17,70,58,824 shares on offer, as per NSE data.

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The portion for non-institutional investors attracted 8.96 times subscription while retail individual investors (RIIs) part received 1.54 times subscription. The category for qualified institutional buyers (QIBs) got subscribed 69 per cent.

Belrise Industries on Tuesday garnered Rs 645 crore from anchor investors.

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The IPO is entirely a fresh issue of equity shares with no offer for sale (OFS) component, according to the draft red herring prospectus (DRHP).

The issue, with a price band of Rs 85-90 per share, will conclude on May 23.

Going by the prospectus, the company intends to utilise proceeds worth Rs 1,618 crore for the payment of debt. The company had borrowings of close to Rs 2,600 crore in its books as of December 2024.

Belrise Industries is an automotive components manufacturing company, offering a diverse range of safety-critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agri-vehicles.

The company has a long-standing relationship with customers, including prominent multinational OEMs such as Bajaj Auto, Honda Motorcycle & Scooter India, Hero MotoCorp, Jaguar Land Rover and Royal Enfield Motors.

Axis Capital, HSBC Securities and Capital Markets (India) Pvt Ltd, Jefferies India and SBI Capital Markets are the book running lead managers to the issue.

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