Shares of Sona BLW Precision Forgings (Sona Comstar) made a muted debut on the bourses on Thursday on the back of the ongoing market volatility. The stock listed with a premium of 3.4 percent at Rs 301 per share on the NSE as against the issue price of Rs 291 per share. On BSE, it was listed at Rs 302.40 apiece, up 3.9 percent.
The IPO was open between June 14-16 and the price banks for the issue was fixed at Rs 285-Rs 291.
The Rs 5,550-crore initial public offering (IPO) of was subscribed 2.33 times. According to the subscription data available on exchanges, the portion set aside for retail investors has subscribed 1.61 times, while the reserved portion of qualified institutional buyers witnessed a subscription of 3.54 times and that of non-institutional investors 39 percent.
The issue comprised of a fresh issuance of equity shares aggregating up to Rs 300 crore and an offer for sale of equity shares aggregating up to Rs 5,250 crore, by the selling shareholder, namely, Singapore VII Topco III Pte. Ltd.
The offer size excluded the anchor book as the company already raised Rs 2,498 crore from anchor investors at a higher end of the price band of Rs 285-291 per equity share.
The public issue received a ‘subscribe’ rating from many brokerages on the back of the company’s strong product portfolio, growth potential in the electric vehicle (EV) segment, strong financial performance, technological capabilities, and high growth prospects.
(Edited by : Pranati Deva)