Sona Comstar funding
On Friday, Sona BLW Precision Forgings Ltd (Sona Comstar) raised ₹2,498 crores from anchor investors. This funding was raised ahead of its initial public offer, which opens for subscription on Monday.
PowerGrid InvIT and SBI Cards too raised ₹3480 crores and ₹2769 crores respectively from anchor investors.
Allocating 8.6 crore shares at ₹291 apiece to 42 anchor investors, the auto components major aggregated a total of ₹2,498 crores.
Both the Government of Singapore Investment Corporate (GIC) and Monetary Authority of Singapore (MAS) invested ₹401.5 crores in the anchor book.
Marquee foreign portfolio investors, Nomura Asset Management, Fidelity, Eastspring Investments, Goldman Sachs Asset Management, Amundi significantly took participation in the anchor book.
SBI MF, Axis MF, Birla MF, HDFC MF, Mirae Asset MF, SBI Life Insurance, Kotak MF, Kotak Life Insurance, Birla Life Insurance, Max Life Insurance, Bharti Axa, Invesco MF, Canara Robeco MF, Sundaram MF, IIFL, Bank of Baroda MF and Edelweiss were the participating Marquee domestic investors.
The IPO, comprising of fresh issuance of equity shares, aggregated up to ₹300 crores. They also offered the sale of equity shares aggregating up to ₹5,250 crores, by putting the shareholder, Singapore VII Topco III Pte. Ltd up for sale.
Fixed at a price band of ₹285-291 per unit for its ₹5,550 crores IPO, it will be open for public subscription on June 14 and close on June 16.
Approximately ₹241.12 crores of its identified borrowings, besides general corporate purposes, will be repaid/prepaid with the proceeds from the offer.
Sona Comstar, a Blackstone-backed company, specializes in designing, manufacturing, and supplying highly engineered, mission-critical automotive systems and components to automotive OEMs.
Kotak Mahindra Capital Company Limited, Credit Suisse Securities (India) Private Limited, JM Financial Limited, J.P. Morgan India Private Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers (“BRLMs”) to the Offer.
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