new delhi jun 26 auto component maker varroc engineerings initial public offer to raise rs 1955 crore was subscribed 33 per cent on the first day of the bidding today the ipo received bids for 4618470 shares against the total issue size of 14185212 shares data available with the nse showed the portion set aside for qualified institutional buyers qibs was subscribed 104 times noninstitutional investors 1 per cent and retail investors 5 per cent according to the exchange data tata group is selling shares worth rs 1786 crore in the ipo varroc engineering which supplies auto parts to jaguar land rover bentley audi and harley davidson has already raised rs 584 crore from anchor investors including canadian pension fund cdpq and smallcap world fund inc the initial public offer ipo consists an offerforsale to the tune of 20221730 shares by promoter tarang jain and existing investors price band for the offer has been set at rs 965967 per share while the promoter will sell up to 1752560 shares tata group entities tata capital financial services and omega tc holdings will offload a total of 184 crore stocks amounting to 137 per cent stake omega tc will offload up to 16917130 equity stocks amounting to 1255 per cent stake and tata capital will divest up to 1552040 scrips or 115 per cent holding tata group will garner rs 1786 crore through the public issue the ipo will close on june 28 at the upper end of the price band the issue will fetch rs 1955 crore founded in 1990 in aurangabad varroc is an automotive component manufacturer and supplier of exterior lighting systems powertrains electrical and electronics body and chassis parts to passenger cars and motorcycle segments worldwide kotak mahindra capital citigroup global markets india credit suisse securities india and iifl holdings are managing the issue sum mr mr