Blackstone-backed Sona BLW Precision Forgings garnered Rs 2,497.5 crore from anchor investors on June 11, a day ahead of its public issue. With this, the company has already raised 45 percent of funds out of the total issue size of Rs 5,550 crore.
Sona Comstar informed bourses that it has finalised the allocation of 8,58,24,742 equity shares to 56 anchor investors at a price of Rs 291 per share.
Government of Singapore Investment Corporation (GIC), and the Monetary Authority of Singapore (MAS) together made an investment of Rs 401.5 crore in the company through the anchor book.
Other foreign portfolio investors such as Nomura Asset Management, Fidelity, Eastspring Investments, Goldman Sachs Asset Management, Amundi, RWC Funds, Thornburg Developing World Fund, Morgan Stanley, Societe Generale, and Integrated Core Strategies Asia also participated significantly.
Among domestic names, SBI MF, Axis MF, Aditya Birla Sun Life MF, HDFC MF, Mirae Asset MF, SBI Life Insurance, Kotak MF, Kotak Life Insurance, Max Life Insurance, Bharti Axa Life Insurance, Invesco MF, Canara Robeco MF, Sundaram MF, IIFL, Baroda MF and Edelweiss also invested in the company.
The IPO, which comprises fresh issuance of Rs 300 crore and an offer for sale of Rs 5,250 crore by Singapore VII Topco III, will open for bidding on June 14 and close on June 16. The price band for the offer has been fixed at Rs 285-291 per equity share.
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Sona Autocomp Holding with a 33.72 percent stake and Singapore VII Topco III Pte Ltd (an affiliate of The Blackstone Group Inc) with 66.28 percent stake are current shareholders in the company.
The company will utilise fresh issue proceeds for repaying debt of Rs 241.12 crore and general corporate purposes.
Sona Comstar is primarily engaged in designing, manufacturing and supplying highly engineered, mission-critical automotive systems and components to automotive original equipment manufacturers (OEMs). Sona Comstar is a leading supplier to the fast-growing global electric vehicle (EV) markets and derived 13.8 percent revenue from the battery EV market and 26.7 percent from the micro-hybrid / hybrid market in FY21.
The book running lead managers to the public issue are Kotak Mahindra Capital Company, Credit Suisse Securities (India), JM Financial, JP Morgan India, and Nomura Financial Advisory and Securities (India).