Sona Comstar fashions label band of Rs 285-291/fragment for Rs 5,550 crore-IPO





Sona BLW Precision Forgings (Sona Comstar) is into designing, manufacturing and supplying highly engineered severe automotive systems and formula equivalent to differential assemblies, differential gears, venerable and micro-hybrid starter motors, BSG systems, EV traction motors and motor alter fashions. (Image: Fb/Sona Comstar)

Auto ingredient maker Sona BLW Precision Forgings (Sona Comstar) on Wednesday mounted a label band of Rs 285-291 a fragment for its Rs 5,550 crore initial public offer (IPO).

The three-day IPO will initiate on June 14 and place on June 16. The bidding for anchor traders will initiate on June 11, based on the firm.

The Rs 5,550-crore IPO contains recent bid of shares amounting to Rs 300 crore and a proposal on the market (OFS) aggregating up to Rs 5,250 crore by promoting shareholder Singapore VII Topco III Pte Ltd, an affiliate of the Blackstone Neighborhood Inc.

Now, the scale of the general public bid has been diminished to Rs 5,550 crore from Rs 6,000 crore because it has been made up our minds to offloaded Rs 5,250 crore shares by contrivance of OFS in opposition to Rs 5,700 crore as planned earlier.

The Blackstone-promoted firm intends to utilise the proceeds from the recent bid to repay/prepay a tiny over Rs 241 crore of its borrowings besides long-established company capabilities.

A filled with 75 per cent of the bid has been reserved for qualified institutional patrons, 15 per cent for non-institutional bidders and 10 per cent for retail traders.

The firm is into designing, manufacturing and supplying highly engineered severe automotive systems and formula equivalent to differential assemblies, differential gears, venerable and micro-hybrid starter motors, BSG systems, EV traction motors and motor alter fashions.

It presents formula to automotive well-liked equipment producers (OEMs) all around the US, Europe, India and China, for every and each electrified and non-electrified powertrain segments and is not any longer depending on a single product, automobile segment, customer or geography.

The firm is additionally undoubtedly one of the 2 largest exporters of starter motors from the nation besides being an awfully principal manufacturer of differential gears for passenger vehicles, industrial vehicles and tractors in India.

A few of its key OEM potentialities embody a world OEM of EVs, a North American passenger automobile and industrial vehicles maker, Ashok Leyland, Daimler, Escorts, Mahindra and Mahindra, Mahindra Electric, Maruti Suzuki, Renault Nissan, Volvo and Volvo Eicher.

Sona Comstar, which filed preliminary IPO papers in February, bought Sebi’s accelerate ahead in early Could well merely to waft the general public bid.

Kotak Mahindra Capital Firm, Credit rating Suisse Securities, JP Morgan India, JM Monetary and Nomura Monetary Advisory and Securities are the ebook working lead managers of the bid.

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