Bonfiglioli Transmissions shares make flat market debut

Shares of Bonfiglioli Transmissions made a flat market debut on the stock exchanges on Friday, listing at par with the issue price of Rs 586. In a lacklustre debut, the stock began trading at Rs 586 apiece on both the BSE and NSE, which was at par with the issue price. Later, it gained 3.58 per cent to Rs 607 per share on both stock bourses.

Following the listing, the company's market capitalisation stood at Rs 10,917.86 crore on the NSE and Rs 10,775.92 crore on the BSE. Meanwhile, the broader equity markets are trading in the red, with the 30-share BSE Sensex declining 542.54 points, or 0.74 per cent, to 72,706.85, while the NSE Nifty50 slumped 215.95 points, or 0.95 per cent, to 22,471.70.  The Rs 2,533.80-crore Initial Public Offering (IPO) of Bonfiglioli Transmissions Ltd received 46.06 times subscription on the last day of bidding on Monday.

Bonfiglioli Transmissions Ltd on Wednesday last week secured Rs 759.26 crore from anchor investors, including BlackRock, Goldman Sachs Asset Management, and Abu Dhabi Investment Authority. The price band for the offering was fixed at Rs 558-586 per share.

The IPO is entirely an offer for sale of up to 4.32 crore equity shares by promoter Bonfiglioli S.p.A., with no fresh issue component.

Consequently, the company will not receive any proceeds from the offering, with the entire amount going to the selling shareholder. Bonfiglioli Transmissions, the Indian subsidiary of Italy-based Bonfiglioli S.p.A., manufactures mechanical and electro-mechanical power transmission products and industrial drive solutions, including gearboxes, gear motors, and drive systems. Its products cater to industry and automation, off-highway mobility and wind applications.