Sona Comstar fixes ₹285–₹291 per share for its ₹5,500 crore IPO

Our Bureau New Delhi | Updated on June 09, 2021

The company intends to utilise the proceeds from the fresh issue to repay/prepay around ₹241 crore of its identified borrowings

Automotive components and technology supplier Sona BLW Precision Forgings (Sona Comstar) on Wednesday has fixed a price band of ₹285–₹291 per equity share for its ₹5,500 crore initial public offering (IPO), for which bidding will open on Friday (June 11).

“The total offer size is up to ₹5,550 crore with a fresh issuance of equity shares, aggregating up to ₹300 crore and an offer for sale of equity shares aggregating up to ₹5,250 crore, by the selling shareholder, namely, Singapore VII Topco III Pte Ltd (an affiliate of the Blackstone Group Inc),” the company said.

The company intends to utilise the proceeds from the fresh issue to repay/ prepay around ₹241 crore of its identified borrowings, besides general corporate purposes, it said.

According to the company, the three-day IPO will open on June 14 and conclude on June 16. Sona Comstar, which filed preliminary IPO papers in February, obtained Sebi’s go ahead in early May to float the public issue.

Kotak Mahindra Capital, Credit Suisse Securities (India), JM Financial Limited, J P Morgan India and Nomura Financial Advisory and Securities (India) are the book running lead managers of the issue.

Published on June 09, 2021

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