The company is one of the two largest exporters of starter motors in India, besides being the largest manufacturer of differential gears for passenger vehicles, commercial vehicles and tractors in India.
PE firm Blackstone-promoted automotive supplier Sona BLW Precision Forging Ltd has received the approval of the Capital Market Regulator for an IPO of Rs 6,000 crore. This IPO of Sona Comstar will be the biggest public issue of any auto component making Indian company.
Sona Comstar submitted initial IPO documents in February. He got approval from SEBI on May 6. SEBI gave this information on Monday. For this IPO, the company will issue a fresh share of Rs 300 crore. At the same time, 5700 crore rupees will be issued by the promoters of the company and the existing investors through the Offer for Sale.
Explain that 75% of the shares in this IPO will be reserved for qualified institutional buyers (QIPs). At the same time, 15% shares will be reserved for non-institutional investors and 10% shares for retail investors. If we talk about the stake, then 66 percent stake in it is owned by American private equity firm Blackstone. While 34 percent of the company’s chairman is Sanjay Kapoor.
The Gurugram-headquartered company is an automotive technology company that supplies highly-engineered, mission-critical automotive systems and components such as component assembly, differential gear, conventional and micro-hybrid starter motors. The company supplies its products to automotive original equipment manufacturers in the US, Europe, India and China.
The company is one of the two largest exporters of starter motors in India, besides being the largest manufacturer of differential gears for passenger vehicles, commercial vehicles and tractors in India. Some of its key OEM customers include Ashok Leyland, Daimler, Escorts, Mahindra & Mahindra, Mahindra Electric, Maruti Suzuki, Renault Nissan, Volvo and Volvo Eicher.
