Blackstone-backed Sona Comstar, one of the leading auto component manufacturer, is set to launch its Rs 5,500 crore initial public offering (IPO) for subscription on Monday, June 14.
The auto ancillary firm has fixed the price band at Rs 285-291 per share. The public issue will close for subscription on Wednesday, June 16, 2021. Investors can bid for a minimum of 51 equity shares and in multiples, thereafter, translating to a minimum investment of Rs 14,841. A retail investor can at max apply for 13 lots or 663 shares for 1,92,933.
The offering is a mix of fresh issuance of shares and offer for sale. The offer for sale component consists of the sale of equity shares aggregating up to Rs 5,250 crore, by the selling shareholder, namely, Singapore VII Topco III Pte. Ltd. Whereas fresh issue will be aggregating up to Rs 300 crore which the company intends to utilize for repay/prepay approximately Rs 241.12 crore of its identified borrowings, besides general corporate purposes.
The portion reserved for Qualified Institutional Buyers (QIBs) will be up to 75% of the offer (Rs 4,162.50 crore), non-institutional investors to have up to 15% of the portion reserved (Rs 833.50 crore) while up to 10% will be reserved for the retail investors (Rs 555 crore). The bidding for anchor investors will open on Friday, June 11, 2021.
The book running lead managers to issue are Kotak Mahindra Capital, Credit Suisse Securities, JM Financial JP Morgan and Nomura Financial. The registrar to the IPO is KFin Technologies Pvt Ltd.
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