Equity Trading Tips: NEW DELHI: The initial public offering of Precision Camshafts opened up for subscription on Wednesday, with investors bidding for a total of 18,560 shares on the NSE, out of 1,58,67,366 shares offered for sale.

Combined figures for BSE and NSE were unavailable at the time of writing this report.

The price band for the issue has been fixed at Rs 180-186. The issue will end on January 29.

The analyst community is mixed on the IPO. While some analysts find the price range for the issue unattractive, others believe it is attractively valued and one may consider subscribing to the issue.

The Solapur-based auto ancillary company is looking to raise Rs 410 crore, with a fresh share issue worth Rupees 240 crore and an offer for sale (OFS) of equity shares worth Rs 170 crore.

The company, which has over 8% market share in the universal passenger vehicle camshafts segment, said it would use the IPO proceeds to set up a new machine shop for manufacturing ductile iron camshafts at its export-oriented unit (EOU) division.

The seller of components to Universal car makers such as General Motors and Ford Motors reported 38 per cent annualized growth rate between FY11 and FY15. During the same session, revenues grew 17 per cent to Rs 524.9 crore.

In FY15, the company reported a net profit of Rupees 63.60 crore while operating profit margin rose to 28 per cent in FY15 from 16.2 per cent in FY11.