Global automotive technology company Sona BLW Precision Forgings (Sona Comstar) is expected to finalise the IPO share allotment next week.
The Rs 5,550-crore public issue opened for subscription on June 14 and closed on June 16 after being subscribed 2.28 times. The reserved portion for qualified institutional buyers (QIBs) was subscribed 3.46 times and that of non-institutional investors' 39 percent. The part set aside for retail investors witnessed subscription of 1.57 times.
Sona Comstar successfully raised Rs 5,550 crore through its public issue, including Rs 2,498 crore that was raised from anchor investors. The offer comprised a fresh issue of Rs 300 crore and an offer for sale of Rs 5,250 crore by Singapore VII Topco III Pte. Ltd, an affiliate of The Blackstone Group.
The Blackstone-backed technology and innovation driven company will finalise the IPO share allotment around June 21, as per the schedule available in the prospectus.
Once the allotment is finalised, here are two ways in which investors can check the allotment status:
One, on the IPO registrar's website. One needs to select 'Sona BLW Precision Forgings Limited' in the dropdown. Then either select application number with application type (ASBA/NON ASBA) and enter application number, or select depository and enter DPID as well as Client ID, or enter PAN number. Enter Captcha available in digits and finally click on Submit.
Second, on the BSE website. Select Equity and Issue Name - Sona BLW Precision Forgings - in the dropdown. Then one has to enter Application number and PAN number and click on the Search button.
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If the abovementioned information provided by an investor is correct, then the number of shares subscribed for and number of shares allotted to will appear on the screen.
After the finalisation of basis of allotment, the funds will get refunded to ineligible investors around June 22 and equity shares will be credited to the demat accounts of eligible investors around June 23.
The trading in equity shares will commence with effect from June 24.
Sona Comstar, which derives 75 percent of business from overseas markets, is among the top 10 auto-component manufacturers and supplies products across the countries such as India, US, Europe, and China, with thrust on the electric vehicle segment. It has nine manufacturing and assembly facilities across India, China, Mexico and the US, of which six are located in India.
The company started supplying differentiated gears and assemblies in the global electric vehicle market since 2016 and 2018, and has garnered 5 percent and 8.7 percent market share respectively (as of CY20). These two products currently contribute 46 percent of revenues while balance 51 percent comes from starter motors (both Hybrid and conventional).