Gurugram-Based Sona BLW Precision Forgings (Sona Comstar) has raised INR 2,498 crore, 45% of the total IPO size of INR 5,550 crore.
According to the company, 42 investors participated in the anchor book, including 24 foreign portfolio investors, 11 domestic mutual funds, five life insurance companies and two AIFs.
The company informed the bourses that it has allocated 8.6 crore shares at INR 291 per share on Friday, June 11, 2021, to anchor investors.
The bid period in relation to its initial public offering of Equity Shares will open on Monday, June 14, 2021, and close on Wednesday, June 16, 2021.
The government of Singapore Investment Corporate and Monetary Authority of Singapore together made a large investment of INR 401.5 crore in the anchor book.
Foreign portfolio investors such as Nomura Asset Management, Fidelity, Eastspring Investments, Goldman Sachs Asset Management, Amundi participated significantly in the anchor book. At the same time, 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.
Niche global investors with EV investing experience, including Thornburg Investment Management and RWC, also participated with keen interest.
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.
Sona Comstar derived 13.8% revenue from the Battery EV market and 26.7% from the Micro-Hybrid / Hybrid market in FY21.
Its global market share of BEV differential assemblies in the calendar year 2020 was 8.7%.
According to the Crisil report, the company has the highest operating EBITDA margin, PAT margin, ROCE and ROE in FY20 as compared to the top 10 listed auto component manufacturers in India by market capitalisation and has consistently delivered more than 26% EBITDA margin and more than 35% average ROE each year over FY19-21. In addition, its operating income growth over FY16-20 has exceeded the average of the same peer set.
Kotak Mahindra Capital Company, Credit Suisse Securities (India) , JM Financial, J.P. Morgan India and Nomura Financial Advisory and Securities (India) are the Book Running Lead Managers to the Offer.