Soon we will see Sona Comstar IPO coming as they recently got approval for an IPO from the Securities and Exchange Board of India (SEBI).
Blackstone backed Sona BLW got approval for Rs. 6000 Crores of issue which consists of fresh issue of Rs. 300 Crores and offer for sale of Rs. 5700 Crores. In OFS Singapore VII Topco III Pte Ltd is selling their stake.
Business of Sona Comstar
It is Gurugram based firm that manufactures industrial designs, automotive parts, automotive systems, and automotive OEM (original equipment manufacturer) for the companies across US, UK, India, and Europe. They supply parts for electrical as well as non electrical vehicles.
For OEM (original equipment manufacturer) they have clients like global OEM of electrical vehicles and passenger vehicles. Some commercial clients like Mahindra and Mahindra, Daimler, Escorts, Maruti Suzuki, Renault Nissan, Volvo, and Eicher motors.
The objective of Issue – Sona Comstar IPO
Singapore VII Topco III Pte Ltd is going to exit from the company stakeholdership if the IPO is subscribed fully. Fresh issue of Rs. 300 Crores will be used in repaying debts and some general corporate purposes.
In total Sona, Comstar has 9 plants across the world of which 6 are based out in India. They are one of the leading manufacturers of OEM (original equipment manufacturer) EVs.
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