The initial public offering of Bonfiglioli Transmissions was subscribed 47 per cent on the first day of bidding, according to data from the National Stock Exchange of India. Investors placed bids for 14.2 mn shares against the 30.3 mn shares available in the issue.

The non-institutional investor portion was subscribed 76 per cent, while the retail investor category recorded subscription of 57 per cent. The quota reserved for Qualified Institutional Buyers was subscribed 8 per cent during the opening day.

The issue will remain open until October 19 and has a price band of Rs. 558 to Rs. 586 per share. Before the public offering opened, Bonfiglioli Transmissions raised Rs. 7.59 bn from anchor investors. The anchor book included BlackRock, Goldman Sachs Asset Management and the Abu Dhabi Investment Authority.

The IPO consists entirely of an offer for sale of up to 43.2 mn equity shares by promoter Bonfiglioli S.p.A. There is no fresh issue component, so Bonfiglioli Transmissions will not receive any proceeds from the offering. The entire amount raised through the share sale will accrue to the selling shareholder, subject to applicable transaction costs and taxes.

Bonfiglioli Transmissions is the Indian subsidiary of Italy-based Bonfiglioli S.p.A. and manufactures mechanical and electromechanical power transmission products and industrial drive solutions. Its portfolio includes gearboxes, gear motors and drive systems for industrial and automation applications, off-highway mobility and wind energy.

The company’s shares are proposed to be listed on the BSE and NSE on October 23. The listing will follow completion of the bidding process, share allotment and other customary procedures associated with the public issue.