Sona Comstar: At 10:20 am, Sona Comstar shares were trading up 5 per cent on the BSE
Sona BLW Precision Forgings (Sona Comstar) has made a quiet debut on the bourses. The shares of the Blackstone-backed global automotive technology company listed at Rs 302.4 on the BSE, a 3.9 per cent premium compared to the issue price of Rs 291 per share. On the NSE, the shares opened at Rs 301, up 3.4 per cent.
At 10:20 am, Sona Comstar shares were trading at Rs 305.55, up 5 per cent on the BSE and at Rs 305.25, up 4.9 per cent on the NSE.
The Rs 5,550-crore initial public offering (IPO), which was open between June 14 and June 16, comprised a fresh issue of Rs 300 crore and an offer for sale of Rs 5,250 crore by the selling shareholder Singapore VII Topco III Pte. Ltd, an affiliate of The Blackstone Group. The offer was subscribed 121.43 times, receiving bids for 24.44 crore shares against the issue size of 10.49 crore shares.
Sona Comstar was promoted by Sunjay Kapur, Sona Autocomp and Singapore Topco. It designs and manufactures mission critical automotive systems and components at nine facilities situated in India, China, Mexico and USA.
Kotak Mahindra Capital Company, Credit Suisse Securities, JP Morgan India, JM Financial and Nomura Financial Advisory and Securities are the book running lead managers to the issue.
