Sona Comstar, the country’s largest auto parts manufacturing company, is set to launch an IPO to raise Rs 6000 crore from the primary market. This IPO of Sona Comstar will be the biggest public issue of any auto component making Indian company.
Also read: Business on National Stock Exchange Stalled, Technical Disturbance Caused
No information about share and issue price right nowLet us tell you that 66 percent stake in Sona Comstar is owned by American private equity firm Blackstone. While 34 percent stake in the company is owned by the company’s chairman Sanjay Kapur. How many shares will be floated for this IPO and what will be its issue price, it has not been decided yet.
These companies will be lead managers for the IPO
Let us tell you that Sona Comstar is the second investment company of American private equity company Blackstone which is bringing IPO this year. Earlier, Blairstone-backed NBFC Aadhar Housing Finance submitted a draft Red Herring Prospectus (DRHP) to market regulator sebi in January 2021 to raise Rs 7300 crore through an IPO. Sona Comstar has appointed Credit Suisse, Nomura, JP Morgan, JM Financial and Kotak Mahindra Capital as its lead managers for this IPO.
Merger took place in 2019
Blackstone acquired a minority stake in Comstar for Rs 1,000 crore in the year 2018. Then a year later in 2019, the American equity firm bought Sona BLW, a company owned by Sunjay Kapur, and started Sona Comstar by merging it with auto parts maker Comstar.
Also read: Android Apps can be a big risk on credit card transactions, use the card carefully at the payment terminal
This company sells its products in America and Europe.
Sona Comstar designs, manufactures and supplies automotive systems and components. The company’s manufacturing units are with India in China, the US and Mexico. The company sells its products in countries around the world, including the US and Europe. The company has a total of 9 manufacturing and assembly units, of which 6 are in India and one unit each in China, USA and Mexico.