Soma Comstar garners ₹2,498 crore from anchor investors ahead of IPO1 min read . Updated: 12 Jun 2021, 12:07 AM IST
- PowerGrid InvIT and SBI Cards raised ₹3480 crore and ₹2769 crore, respectively, from anchor investors
Mumbai: Sona BLW Precision Forgings Ltd (Sona Comstar) on Friday raised ₹2,498 crore from anchor investors, ahead of its initial public offer, which opens for subscription on Monday.
PowerGrid InvIT and SBI Cards raised ₹3480 crore and ₹2769 crore, respectively, from anchor investors.
The auto components major allocated 8.6 crore shares at ₹291 apiece to 42 anchor investors, aggregating the total to ₹2,498 crore, according to a circular uploaded on the BSE website.
Government of Singapore Investment Corporate (GIC) and Monetary Authority of Singapore (MAS) together invested ₹401.5 crores in the anchor book.
Marquee foreign portfolio investors such as Nomura Asset Management, Fidelity, Eastspring Investments, Goldman Sachs Asset Management, Amundi participated significantly in the anchor book.
Marquee domestic investors include 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 amongst others.
The IPO comprises of a fresh issuance of equity shares, aggregating up to ₹300 crores and an offer for sale of equity shares aggregating up to ₹5,250 crores, by the selling shareholder, Singapore VII Topco III Pte. Ltd.
It has fixed a price band of ₹285-291 per unit for its ₹5,550 crore IPO, which will open for public subscription on June 14 and close on June 16.
The proceeds from the offer will be utilized to repay/prepay approximately ₹241.12 crores of its identified borrowings, besides general corporate purposes.
Sona Comstar, a Blackstone backed company, is primarily engaged 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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