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Sona Comstar IPO: The shares are likely to be listed on the bourses on June 24
Sona Comstar’s Rs 5,550-crore initial public offering (IPO) opens for bidding today i.e. June 14. The auto parts company’s public issue will close on June 16. The company has fixed the price band of the primary market sale at Rs 285-291 per share. The shares are likely to be listed on the BSE Sensex and NSE Nifty on June 24.
Sona Comstar’s 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.
Retal investors can bid for a minimum one lot of 51 shares and in multiples of 51 shares thereafter, extending up to 13 lots. The reserved portion for qualified institutional buyers has been fixed at 75 per cent, retail investors at 10 per cent and non-institutional investors at 15 per cent.
The company will use the IPO proceeds to repay debts and for general corporate purposes.
Promoted by Sunjay Kapur, Sona Autocomp and Singapore Topco, Sona Comstar designs and manufactures mission critical automotive systems and components. It has 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.
Meanwhile, Shyam Metalics’ IPO has also opened for subscription today, i.e. June 14.
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