Sona Comstar, Shyam Metalics to make D-Street debut

Sona BLW Precision Forgings and Shyam Metalics and Energy, which recently closed their IPOs, will make their debut on the stock exchanges on June 24, merchant bankers revealed on Sunday. 

The equity shares of these companies will be listed on BSE and NSE.

Sona Comstar successfully raised Rs 5,550 crore through its IPO, which included Rs 2,498 crore that was raised from anchor investors. Shyam Metalics raised Rs 909 crore from its public issue, including Rs 270 crore from anchor investors.

The Rs 5,550-crore IPO of Sona Comstar was subscribed 2.33 times at a price band of Rs 285-291 per share. The portion reserved for qualified institutional buyers was subscribed 3.54 times, retail individual investors1.61 times, and non-institutional investors 40 percent. 

The IPO included a fresh issue of shares worth Rs 300 crore and an offer for sale totaling Rs 5,250 crore by selling shareholder Singapore VII Topco III Pte Ltd, an associate of the Blackstone Group Inc.

The Blackstone-backed company is into designing, manufacturing, and supplying highly engineered critical automotive systems and components like differential assemblies, differential gears, conventional and micro-hybrid starter motors, BSG systems, EV traction motors, and motor control units.

 Shyam Metalics’ Rs 990-crore initial share-sale was subscribed more than 121 times at a price band of Rs 303-306 apiece. The IPO was opened for public subscription on June 16 and concluded on June 16.

The portion meant for QIBs was subscribed 156 times, non-institutional investors 340 times, and for retail investors was subscribed 11.62 times. 

The IPO included a fresh issuance of equity shares to the tune of Rs 657 crore and an offer for sale worth up to Rs 252 crore by existing shareholders. The Kolkata-based firm sells intermediate and final products across the steel value chain serving institutional and end-use customers via 42 distributors, brokers across 13 states, and one union territory.

At present, it operates three manufacturing plants that are located at Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal. 

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