Sona Comstar IPO To Open On June 14 At Rs 285-291 Per Share
Sona Comstar will launch an initial public offer (IPO) on June 14. The auto parts firm's public issue will close on June 16. The shares will be available in the price band of Rs 285-291 per share. The shares are likely to be listed on the BSE Sensex and NSE Nifty indices.
Sona Comstar's Rs 5,550-crore offer will consist 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 fresh issue proceeds will be used for repaying debts and general corporate purposes.
Applicants can place bids for a minimum 51 shares and in multiples of 51 shares thereafter, extending up to 13 lots. The company has fixed the reserved portion for qualified institutional buyers at 75 per cent, retail at 10 per cent and non-institutional investors at 15 per cent.
Sona Comstar designs, manufactures and supplies mission critical automotive systems and components to automotive OEMs across US, Europe, India and China. It has nine manufacturing and assembly facilities across India, China, Mexico and USA.
Sunjay Kapur, Sona Autocomp and Singapore Topco are the promoters of Sona Comstar. 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.
Meanwhile, the Rs 909 crore IPO of the Kolkata-based long steel products and ferro alloy company Shyam Metalics' will also open on June 14.
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