Home Business Sona BLW Precision Forgings (Sona Comstar) To Make Its Debut Tomorrow

Sona BLW Precision Forgings (Sona Comstar) To Make Its Debut Tomorrow


Sona Comstar To Make Its Debut Tomorrow

Sona Comstar IPO received bids for 24.44 crore shares against issue size of 10.49 crore shares

Sona BLW Precision Forgings (Sona Comstar) shares will debut on the bourses tomorrow, i.e. June 24. The Rs 5,550-crore initial public offering (IPO), which was open between June 14 and June 16, was subscribed 121.43 times; receiving bids for 24.44 crore shares against the issue size of 10.49 crore shares.

Sona Comstar’s offer consisted of a fresh issue of Rs 300 crore and an offer for sale of up to Rs 5,250 crore by Singapore VII Topco III Pte Ltd. The company had fixed the price band of the primary market sale at Rs 285-291 per share.

The company will use the proceeds from the fresh issue to repay debts and for general corporate purposes, whereas the money from the offer for sale will go to selling shareholder i.e. Singapore VII Topco III Pte. Ltd, which is an affiliate of The Blackstone Group.

Sona Comstar was promoted by Sunjay Kapur, Sona Autocomp and Singapore Topco. It designs and manufactures mission critical automotive systems and components at nine manufacturing and assembly facilities situated in India, China, Mexico and USA.

Kotak Mahindra Capital Company, Credit Suisse Securities, JP Morgan India, JM Financial and Nomura Financial Advisory and Securities are the book running lead managers to the issue.

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