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Business EconomyPosted at: Feb 24 2021 2:45PM


Sona Comstar files for Rs. 6000 cr IPO

Mumbai,Feb 24 (UNI) One of India's leading automotive technology companies and a major manufacturer and supplier to global EV markets, Sona BLW Precision Forgings Ltd has filed its papers with the regulator to raise and aggregate of Rs 6000 cr via Initial Public Offering.
The public issue of shares of face value of Rs 10 each, comprises a fund raise via fresh issue amounting to Rs 300 Cr and an Offer for Sale aggregating up to Rs 5700 Cr by selling shareholder Singapore VII Topco III Pte Ltd. , an affiliate of The Blackstone Group Inc.
The portion reserved for Qualified Institutional Buyers will be up to 75 per cent of the offer, Non-Institutional Investors to have upto 15 per cent of the portion reserved while upto 10 per cent will be reserved for the Retail Investors.
As stated in the DRHP, the company intends to utilise the proceeds from the fresh issue to repay/prepay Rs 225 crs of its borrowings besides general corporate purposes.
The Gurugram headquartered company is one of India's leading automotive technology companies, designing, manufacturing and supplying highly engineered, mission critical automotive systems and components such as differential assemblies, differential gears, conventional and micro-hybrid starter motors, BSG systems, EV traction motors and motor control units to automotive OEMs across US, Europe, India and China, for both electrified and non-electrified powertrain segments and are not dependent on a single product, vehicle segment, customer or geography.
It also stands to be one of the two largest exporters of starter motors from India besides being the largest manufacturer of differential gears for Passenger Vehicles, Commercial Vehicles and Tractors in India. Some of its key OEM customers include a global OEM of EVs, a North American OEM of Passenger Vehicles and Commercial Vehicles, Ashok Leyland, Daimler, Escorts, Mahindra & Mahindra, Mahindra Electric, Maruti Suzuki, Renault Nissan, Volvo and Volvo Eicher.
Kotak Mahindra Capital Company Ltd, Credit Suisse Securities Pvt Ltd, J.P. Morgan India Pvt Ltd, JM Financial Ltd and Nomura Financial Advisory and Securities Pvt Ltd are the BRLMS to the Issue.

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Tags: #Sona Comstar files for Rs. 6000 cr IPO
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